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3 DeFi Cryptocurrencies to Keep on Your Radar

Decentralized finance is the dream upon which cryptocurrencies are built. Digital coins and tokens emerged after the 2008 financial crisis when the mainstream banking system came close to collapse.

Crypto advocates want people to have complete control over their own money without needing an intermediary, such as a bank or credit union. The DeFi networks that are being developed today use secure distributed ledgers and digital wallets. This allows users to hold and control their own money outside of a financial institution and transfer money anywhere in the world within minutes, often seconds.

Other benefits of DeFi include anonymity and convenience as anyone with an internet connection can, in theory, use DeFi. This decentralized approach to finance also removes bank fees and eliminates the risks of deposits being lost in the event of a bank failure.

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It’s no coincidence that the price of cryptocurrencies has rallied since the high-profile failures of several banks in the U.S. and Europe in March of this year. With the evolution of decentralized finance continuing unabated, here are three DeFi cryptocurrencies to keep on your radar.

ETH-USD

Ethereum 

$1,842.98

SOL-USD

Solana

$21.43

AVAX-USD

Avalanche

$16.96

Ethereum (ETH-USD)

Concept graphic of Ethereum Classic (ETC) crypto logo in green techno style
Concept graphic of Ethereum Classic (ETC) crypto logo in green techno style

Source: shutterstock.com/BT Side

Ethereum (ETH-USD) is the second largest cryptocurrency by market capitalization. The token is up 30% since March 10 following the completion of the Shanghai hard fork, also known as the Shapella upgrade.

Year-to-date, Ethereum has gained over 55%, and its momentum looks likely to accelerate as we progress through the year.

Ethereum has always been the leading cryptocurrency in DeFi, and the recent Shanghai hard fork has only enhanced its abilities related to decentralized finance.

The latest network upgrade makes accessing ETH easier, potentially unlocking more than $30 billion of liquidity. Ethereum has also attracted fans as it is the most energy-efficient cryptocurrency to validate.

Solana (SOL-USD)

Solana logo on phone screen stock image. Solana price predictions.
Solana logo on phone screen stock image. Solana price predictions.

Source: sdx15 / Shutterstock.com

Solana (SOL-USD) shares many attributes with Ethereum and is another leading cryptocurrency in DeFi. However, some crypto bulls claim that SOL is superior to ETH as it is much faster at validating financial transactions.

Currently, Solana can process 50,000 transactions per second, which is light years ahead of Ethereum’s 13 transactions per second. The speed at which Solana can execute financial transactions gives it an edge over both Ethereum and traditional banks.

However, Solana’s network is not as large or mature as Ethereum’s — yet. Developers behind Solana are working to expand Solana, having unveiled Solana Pay that provides a direct transaction connection between merchants and consumers.

People can use Solana Pay without a bank or credit union and the token charges no fees. The platform signed up more than 600 merchants within two months of its launch. SOL has outpaced Ethereum’s gains this year, having risen more than 100% since January.

Avalanche (AVAX-USD)

gold Avalanche (AVAX) cryptocurrency concept coin
gold Avalanche (AVAX) cryptocurrency concept coin

Source: Hakan GERMAN / Shutterstock

If there’s an up-and-comer in the world of DeFi, it’s cryptocurrency Avalanche (AVAX-USD). Though lesser known than many of its peers, Avalanche has gained more than 70% since the beginning of January.

AVAX has a more energy-efficient proof-of-stake operating model, and the ability to facilitate smart contracts and run efficient decentralized finance transactions. This utility gives Avalanche a leg up on the scores of other cryptocurrencies that have no real underlying purpose.

Developers behind AVAX continue to work on improvements when it comes to the scalability and security of DeFi transactions. The goal with Avalanche is to make DeFi easier and more accessible to a broader base of users. A newer crypto, Avalanche, has come a long way in a short period of time. Debuting in 2020 to little fanfare, Avalanche has gained more than 300% in less than three years, making it a DeFi cryptocurrency to keep on your radar.

On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

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