Ethereum is mooning as we speak.
After two months of lying dormant,
it's once again on the move.
The volume and search trends for ETH is starting to go up.
One area of crypto that's the most affected by the Ethereum's movements
is decentralized finance.
Over the summer of 2020,
we saw projects absolutely pumped based on their associations with Ethereum.
Then, in early 2021,
we saw the same thing, a renaissance.
There's been a lull recently in the world of DeFi though, and it looks now like it could be bouncing back.
We're going to be taking a look at some of the projects that could be poised
to make you the most money in a DeFi resurgence.
Let's get it!
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Okay, so let's talk about decentralized finance.
You may hear this crypto buzz word "DeFi" quite often,
and it can be a little confusing
because cryptocurrency is finance to some extent.
It's money, am I right?
Well, decentralized finance is the intersection of traditional and digital finance.
The idea of DeFi is that anything you can do with a bank, credit union or lender
should be able to be done digitally in a decentralized manner,
meaning there's no need for a third party.
We've been so used to the way things "have always been done before"
that we believe this lie that it must be done that way.
We don't need credit card processors.
We don't need banks to keep our money safe.
We don't need third parties to hold our money hostage for us.
Through crypto and decentralization,
we as individuals are empowered to do any and everything
that traditional finance and banks do for us.
It is time that people wake up to this fact.
Aside from the removal of third parties all up in our business,
DeFi also allows us more opportunities to make money specifically through crypto investing,
lending,
staking and yield farming.
These are ways where individuals can make big returns on their own money,
instead of big institutions making the big money.
So let's talk about the way a bank works with interest for example.
When you put your money into a savings account,
you earn--
and settle down because it's a lot--
a whole 0.01%.
So earn 1/100 of 1% on your money. Wow!
But here's the thing.
That money that you're earning 0.01% on?
The banks are stealing from your account to lend to somewhere else
where they're charging them anywhere from 3-36%.
It's highway robbery.
But we put up with it because it's a bank.
Now, imagine if you're able to make that 36% on your own money
instead of the bank using your money and robbing you.
It's pretty smart business model for them but one that we definitely should bust up
because I don't know about you, but I hate being robbed.
So the upside to DeFi should be extremely apparent.
That thing is DeFi pumps tend to happen in waves.
And we've been at the bottom of the most recent wave for a while,
but things are starting to ramp up again.
You can feel the water flowing back in from the beach
getting ready to create a totally surfable gigantic wave.
Hang ten.
The only question is
how are we going to take advantage of it?
And which project should we be looking at?
Well, first, the easiest way to find great DeFi projects is on CoinMarketCap.com.
They actually have a really sweet sorted list of DeFi projects on their website.
Here, all the work is done for you.
So let's start going down this list and looking at the prospects of each.
First, we have Uniswap.
This is considered to be the No. 1 overall crypto DeFi project.
It's the top decentralized exchange in the world and has a ton of upside.
There are also talks that Uniswap, like 1inch before it,
could branch out to other chains like Binance Smart Chain.
If that happens, watch out.
But the fact is I believe Uniswap is still a very profitable project.
It has more room to go.
The top centralized exchange, Binance, has the No. 1 exchange coin.
And it's No. 3 overall currently.
Uniswap, in my opinion, has more current potential and upside than BNB.
Then next, we have Chainlink come in No. 10 overall and the No. 2 DeFi project
Chainlink is an oracle project.
It has partnerships with a ton of projects and chains.
I still believe Chainlink has the potential to find itself as the No. 3 overall crypto
by the end of this year.
But it's been stagnant lately.
Like Ethereum.
But it is getting ready to break out again.
Next on the DeFi list is Wrapped Bitcoin.
Honestly, no reason to invest in this one.
It's basically Bitcoin on the Ethereum network.
And you might as well just invest in Bitcoin itself.
But next, we have an interesting one, Terra, with a ticker symbol LUNA.
I really liked Terra.
And it was one of our picks for the month of March.
It blasted off returning 200% gains.
So here's the thing.
While LUNA crushed it in March,
it got a little toppy at least in the short term.
LUNA is one I'm looking to add to my portfolio after a further correction.
Great potential, but I wouldn't FOMO in at the moment.
Aave, at one time, was the top DeFi project,
but it's dropped somewhat.
Had crazy 68,000% returns for the last year or so,
but has had a major correction dropping from over $500 per coin
all the way to the $350-ish range.
Back in a little over $400,
I believe Aave is primed to move closer to the $1,000 mark
during this next DeFi resurgence.
Next, we have Avalanche, a multichain DeFi ecosystem.
Now, I'm a fan of AVAX and have a holding in it for sure.
I think this one has great potential and could definitely get in the top 20 soon.
It's one I'm watching.
Polkadot, a multichain ecosystem pumped all the way to No. 3 at one time.
Cosmos, however, has done well but stalled out many times.
It's yet to be seen where Avalanche is going to end up,
but it's one I definitely like adding long-term positions to.
Next on the list is DAI.
It's the stablecoin for Maker,
but not one that will make you any money since it's always a dollar.
PancakeSwap is another huge DeFi project that has seen incredible returns this year.
It's basically the SushiSwap of the Binance Smart Chain.
But like some of the others on the list,
I wonder if its recent pump has made it run a bit out of gas.
So I like PancakeSwap, but I don't own any.
It's one that is on my radar to add some position to at some point.
Next, we get into some pretty interesting territory,
Compound.
At one time, this was the top pure DeFi project.
And I recently said while I have a large position in it,
that isn't one I'm particularly interested in.
Then, yesterday, we got a huge story involving someone moving $1.3 billion into Compound.
This DeFi lending protocol has seen huge returns for investors all year.
And I think this story is an indicator that a resurgence is upon us.
You don't just throw a billy somewhere unless you know something big is coming.
And I believe it is on the horizon.
Compound, to me, looks like the No. 1 DeFi project I'll be putting money into right now based on this news.
But the next project I'm looking at is Synthetix.
This is my top DeFi pick of the year.
It's been struggling as of late to return above $20.
It's shown some recent movement and looks to be back on positive ground.
I think when you compare the use cases of the top DeFi projects
and look at their relative DeFi ranking,
no project has bigger upside to me than SNX.
It should be a top 20 project at least.
So this one I believe still is a big opportunity for crypto investors.
Of course, not financial advice.
Some other projects that really stand out to me on this DeFi list to look at are
SushiSwap, that was recently listed on Coinbase,
ZRX, that was once in the top 3 of all DeFi projects,
and Fantom,
that's consolidated and has a ton of huge news coming out soon.
But let me know what you guys think.
Do you believe a round 3 for DeFi is upon us?
Or are we looking to be getting our hopes up a bit again just to get disappointed?
Drop those comments down below.
And if you like videos looking at different crypto projects,
make sure to smash that like button on your way out
so we know you like this type of content.
That's all I got.
Be blessed.
BitBoy out.