A few days ago an interesting graph was published by GCrypto about the best DeFi projects of the month of February.
Top 15 #DeFi projects by Average Development Activity in February pic.twitter.com/E5FNJLxBaY
— Generation Crypto – Crypto News & Analytics (@GCrypto_News) February 27, 2020
The graph has been produced taking as reference data from both Santiment.net and Cryptorank.io.
The chart speaks for itself: at the first place among the best DeFi projects, there is Augur, which allows interacting with the prediction of the markets and boasts a decentralized, open-source oracle that can be integrated and interact with the Ethereum (ETH) blockchain. And that’s why it’s the best project in terms of activity on GitHub as more and more people are using it. It is enough to consider the notable graphic improvement that they have made in recent months, despite the fact that in February the token REP lost 17% of its value.
In second place among the best DeFi projects, there is the famous MetaMask wallet that can boast over 1 million users with its browser extension, proving to be an incredibly complete wallet with very good features.
In third place there is Maker (MKR) for obvious reasons, which is behind one of the most interesting projects within DeFi: the stablecoin DAI, famous for its incredible lending rates, beating by far those of traditional finance and proving to be more profitable than investments in the stock market.
One step off the podium is Kyber (KNC), a liquidity-focused protocol that allows token swaps to be made quickly and easily. This protocol is widely used by developers to create dApps (Decentralized Applications) without limitations on the use of tokens, also thanks to the integration of the ENS (Ethereum Name Service) to make it easier to manage funds with a simple address shorter than the traditional system.
Honourable mentions should be made for UMA, in 6th place, a protocol that makes it possible for two counterparts to model and create their financial contract directly on the Ethereum blockchain.
xDAI is instead in 8th place: the Ethereum sidechain that uses the Proof of Autonomy (PoA), developed through a collaboration between POA Network and MakerDAO, it also has its own token that is pegged 1:1 with the stablecoin DAI.
Finally, in 15th position, there is the Set protocol, announced at the end of 2017 and launched in April last year. This protocol allows the creation of ERC20 tokens that represent a group of underlying assets with full collateralization of the underlying.
As the chart reveals, there are also Synthetix (SNX), Melon (MLN), 0x (ZRX), Request (REQ), Kava (KAVA), Akropolis (AKRO), Ren (REN) and Loom (LOOM). Together they are the future of decentralized finance.