Top 8 DeFi Coins to Buy for March 2024

TLDR:

The DeFi market has surged 55% in the past month to a TVL of $86 billion. Aave remains the largest lending DeFi coin, with a TVL of over $9.5 billion. KangaMoon is one of the new DeFi projects, shaking things up in the meme coin space with the new social-fi concept. JustLend is the top DeFi crypto on Tron, with a TVL of over $7 billion.

DeFi protocols operate an open source model and are primarily based on the Ethereum chain, as it is the mother of the DeFi market.

There is a huge emphasis on DeFi projects because they seek to revolutionize the traditional financial industry. This article has been compiled for investors looking for the best DeFi coins to invest in for March 2024.

The DeFi market

Ethereum introduced smart contracts in 2015, which subsequently gave rise to the DeFi market as we know it today. DeFi has expanded at an astonishing rate, reaching a peak of over $220 billion in 2021.

But in October 2023, the market would drop as low as $36 billion due to the previous crypto winter. The industry has since rebounded, rising more than 55% in the past 30 days to a high of more than $86 billion.

Another fascinating development is the growth of DeFi projects. Today, there are thousands of DeFi projects in the market, each with its unique offering. For this article, we will examine the four top categories and two of the best DeFi projects to invest in each.

Payment and Passive Income DeFi protocols

KangaMoon (KANG) Protocol: KangaMoon Token Ticker: KANG Chains: Ethereum Total Value Locked (TVL):

What is KangaMoon?

KangaMoon is one of the new DeFi projects that came up with a unique concept, Social-Fi. This new model makes KangaMoon a community-centric platform, as users are rewarded based on their level of interaction and involvement with the project.

The goal of this social-fi model is to build around KangaMoon, the largest and most active community of DeFi and meme coin enthusiasts. Rewards come in the form of the KANG DeFi coin, NFTs and other exciting digital assets.

The uniqueness of KangaMoon has made it one of the best DeFi projects to watch in 2024. After a 125% price increase, KANG rose to $0.01125. Crypto experts have predicted even bigger gains as KANG is expected to peak at $0.5 in 2024.

Pyth (PYTH) Protocol: Pyth Network Token Ticker: PYTH Chains: Pyth blockchain Total value locked (TVL): $2.76 billion

What is Pyth Network?

Pyth Network is a new DeFi project focused on offering high-speed Oracle service to connect high-fidelity, real-time market data from the largest professional traders and exchanges to its users.

Providing remarkable financial services has made Pyth a standout in the market. This DeFi crypto has been on an upward trend, gaining 75% in February. With the growing demand for Pyth’s oracle, the price of the altcoin is expected to rise in 2024.

The Top DEX Protocols

Decentralized exchanges, DEXs, are peer-to-peer marketplaces that directly connect buyers and sellers of cryptocurrency. Unlike centralized exchanges, DEXs allow its users to manage their private keys and are censorship resistant.

Uniswap (UNI) Protocol: Uniswap Token Ticker: UNI Chains Supported: Ethereum, Arbitrum, Polygon, Optimism, Basis, BSC and Avalanche Total Value Locked (TVL): $5.92 billion

What is Uniswap?

Uniswap is the most prominent DEX, providing a platform that keeps crypto trading automated and open to everyone around the world. Uniswap topped the conventional DEX by integrating automated market makers to improve the liquidity of the DeFi project.

dydx (DYDX) Protocol: dydx Token Symbol: (DYDX Chains: Ethereum Total Value Locked (TVL): $339.3 million

What is dydx?

dydx is one of the most established DEXs due to its support for perpetual trading. This powerful trading platform adds to its advanced trading options, low fees, deep liquidity and up to 20× leverage.

The exchange uses a form of zero-knowledge hashing – zkSTARKS, which makes it faster than competitors. In addition to its strong fundamentals, dydx will migrate to its own chain in the coming months, giving the DeFi price room for growth.

The Top Lending Protocols

Lending protocols are designed to solve the problem of collecting loans from traditional banking institutions. These DeFi projects create a platform that is easy for users to effortlessly borrow and lend while earning interest.

JustLend (JST) Protocol: JustLend Token Symbol: JST Chains Supported: Tron Total Value Locked (TVL): $7.04 billion

What is JustLend?

JustLend is part of a series of DeFi projects on the Tron network. JustLend is an algorithm-based market protocol where users can borrow, lend, deposit assets and earn interest while doing so.

Offering the latest technology and high interest rates, JustLend has emerged as one of the best DeFi projects of the year. The platform’s DeFi coin, JST, has been rising steadily, rising more than 55% in the past four months.

Aave (AAVE) Protocol: Aave Token Symbol: AAVE Chains: Ethereum, Arbitrum, Optimism, Polygon, Avalanche, Harmony and Fantom Total Value Closed (TVL): $9.5 billion

What is Aave?

Aave is the largest DeFi lending protocol with a TVL of over $9.45 billion. Despite being one of the top DeFi projects, Aave continues to grow at a remarkable rate, increasing by 39% over the past 30 days.

Aave enables users to deposit their cryptocurrency assets into Aave liquidity pools. In turn, other users can borrow them, allowing the original owners to earn passive income in the process.

The Top Strike Protocols

Staking is a very important process in the DeFi space as it involves locking up your cryptocurrency holdings to participate in the security, validation and block creation process of a blockchain network. In return, users participating in strike are rewarded with coins from that network.

Staking protocols make it easier for users to participate in this game process and earn rewards.

Mantle (MNT) Protocol: Mantle Token Symbol: MNT Chains: Ethereum Total Value Locked (TVL): $1.75 billion

What is Mantle?

Mantle is the first DeFi project of the Mantle Network. One of the new DeFi projects offers clients an Ethereum liquid staking mechanism that is non-custodial and permissionless. Transactions are cheaper and faster as Mantle largely uses a scale network. This combination, along with Mantle’s exceptionally high 7.2% APY, has made it one of the most important liquid strike options. This rise also helped the MNT DeFi coin price, which rose by 45% in just one month.

Rocket Pool (RPL) Protocol: Rocket Pool Token Symbol: RPL Chains: Ethereum Total Value Locked (TVL): $4.03 billion

What is Rocket Pool?

Rocket Pool is a decentralized staking protocol designed to provide the Ethereum community with liquid and node staking products. Rocket Pool has become popular, enabling ETH2 staking for every investor,

The DeFi project offers an APR of up to 6.36%, making it a very profitable platform for staking. RPL, its native DeFi coin, has also grown at a significant rate, crossing the $32 mark in February. Given its growth rate, Rocket Pool could reach $50 by March.