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3 Highest Yielding DeFi Cryptocurrencies for July 1st
There are many high-yielding DeFi cryptocurrencies, but not all of them are sustainable. The cryptocurrency landscape has grown immensely, with some of the largest blockchain protocols having billions of dollars in total value locked (TVL). Here are 3 legit, ultra-high-yielding DeFi cryptocurrencies to explore today.
1. High Yield DeFi Cryptocurrency – Sushi (SUSHI)
Sushi is a DeFi Protocol which is 100% community driven via Sushi DAO. The protocol offers users lucrative interest rates for their staked crypto assets. Sushi has several DeFi applications where users can provide liquidity, yield farming, and stake their assets.
SUSHI is the official governance token of the Sushi protocol and has experienced high price volatility after founder Chef Nomi destroyed the community. However, the community rallied and under the leadership of 0xmaki, SUSHI has reached an all-time high of $23 in the 2021 bull run. The price of SUSHI today is $0.846, only 78% from its all-time low price.
Sushi, built on the Ethereum mainnet, provides a range of liquidity pools. The YFI Whale pool offers the largest APY on the protocol at 17.73%, while the Tether Turtle pool offers 11.71%. Data from
Monetary base shows that staking SUSHI gives you an APY of 4.68%. This is up from 4.57% in the last 24 hours. The APY of staking SUSHI was 3.64% a month ago, which means that staking Sushi has increased. The more people stake, the higher the APY.
Sushi has a TVL of $302 million and a market cap of $163 million, which equates to a TVL-to-market cap ratio of 0.54. This indicates that SUSHI is an undervalued asset and its price could increase soon, which is a positive for those returns.
2. Algorand (ALGO)
Algorand is a scalable, efficient, and decentralized blockchain network designed for secure and fast transactions. The Algorand blockchain’s unique consensus mechanism ensures decentralization and security. Transactions are finalized in seconds, without the need for confirmations, reducing the risk of forks and double spending. Algorand also boasts low transaction fees, making it accessible to many
ALGO is the utility token of the Algorand network and allows holders to pay transaction fees on the network and also vote on major developments on the network. Additionally, ALGO holders can stake the coin and earn rewards for helping to secure the network.
Algorand’s current staking APY is an astonishing 246.11%. This reward has increased by 4,573% in the last 24 hours and 5,278% in the last 30 days, according to Coinbase. Just 24 hours ago, the Algorand The staking APY was 5.27%.
The APY surge comes after Coinbase announced it is opening support for sending and receiving USDC on Algorand.
The network recently lost support for USDT after Tether announced it would no longer issue the asset on Algorand.
ALGO Price today is $0.146, up 4.4% over the past 24 hours. Algorand’s daily trading volume is also up 36%, showing a recent spike in market activity. With a market cap of $1.1 billion, Algorand may be the safest and highest-yielding DeFi cryptocurrency in the current crypto space.
3. Filecoin (FIL)
Filecoin is a decentralized storage network based on IPFS, short for Interplanetary File Storage protocol. The network capitalizes on unused storage by providing a marketplace platform where users can pay for low-cost storage.
Traditional financial alternatives to filecoin include Amazon Web Service, Google Cloud, and Dropbox. The difference is that for these traditional counterparts, data is stored in centralized servers, owned by their respective multinational conglomerates.
FIL is the native token of the Filecoin network and can be used to pay for decentralized storage. Filecoin Price has risen 8.1% over the past 7 days to trade at around $4.51 at press time, for CoinGecko.
In addition to being a leader in the decentralized physical infrastructure network (DePIN) niche, Filecoin is also opening up more avenues to tap into the DeFi pie. Filecoin holders can stake their FIL tokens and be rewarded based on a specific APY. The current stake APY for FIL tokens stands at 20.56%, up 12.6% over the past 30 days.
More recently, Filecoin introduced the Filecoin Liquidity Pool (FILLiquid), a lending and borrowing protocol. FIL holders can deposit their tokens into the FILLiquid pool, allowing others to borrow Filecoin when they need it.
By lending out their Filecoin, people can earn interest, which means they can get more Filecoin over time. The current APY for staking in FILLiquid is 1.82%. This could increase as more people deposit into the lending protocol. FILLINGLiquid It is still in the testnet phase, the mainnet launch will happen soon.
Conclusion
These 3 high-yielding DeFi cryptocurrencies present exciting opportunities for the coming months, showing the potential for impressive returns in the decentralized finance space. As the DeFi sector continues to innovate and attract interest, these high-yielding options reflect the dynamic and rewarding nature of cryptocurrency investing.
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Frequently Asked Questions (FAQ)
DeFi, or Decentralized Finance, refers to a category within the cryptocurrency and blockchain industry that aims to recreate and improve traditional financial systems using decentralized technologies. DeFi platforms operate without centralized intermediaries such as banks or financial institutions, instead relying on smart contracts deployed on blockchain networks, primarily Ethereum.
The best DeFi wallet can vary depending on your specific needs and preferences, but some of the most popular and well-regarded DeFi wallets include Trust Wallet, MetaMask, Coinbase Wallet, and Ledger.
The biggest disadvantage of DeFi is the potential risk of security vulnerabilities, since it is not centralized.