DeFi
3 High-Yielding DeFI Cryptocurrencies for July 1st
There are plenty of high-yielding DeFi cryptocurrencies out there, but not all of them are sustainable. The crypto landscape has grown significantly, and some of the largest blockchain protocols have billions of dollars in total value locked (TVL). Here are 3 legit, ultra-high-yielding DeFi cryptocurrencies to explore today.
1. High Yielding DeFi Cryptocurrency – Sushi (SUSHI)
Sushi is a DeFi Protocol which is 100% community-run through the Sushi DAO. The protocol offers users lucrative interest rates on your staked crypto assets. Sushi has multiple 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 seen high price volatility after founder Chef Nomi put the community through its paces. However, the community rallied and under 0xmaki’s leadership, SUSHI reached an all-time high of $23 during the 2021 bull run. SUSHI’s price today is $0.846, which is only 78% off its all-time low.
Sushi, built on the Ethereum mainnet, offers a range of liquidity pools. The YFI Whale pool offers the highest APY on the protocol at 17.73%, while the Tether Turtle pool offers 11.71%. Data from
Coinbase Staking SUSHI gives you an APY of 4.68%. This is up from 4.57% in the last 24 hours. The APY for Staking SUSHI was 3.64% a month ago, which means that Staking Sushi is on the rise. The more people stake, the higher the APY.
Sushi has a market value of $302 million and a market cap of $163 million, which equates to a market value to market cap ratio of 0.54. This indicates that SUSHI is an undervalued asset and is likely to increase in price soon, which is good for these 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 confirmation, 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 while voting on major network developments. Additionally, ALGO holders can stake the coin and earn rewards for helping secure the network.
The current Algorand staking APY is a staggering 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, Algorand The annual return on staking was 5.27%.
The APY hike comes after Coinbase announced the opening of sending and receiving support for 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, the Algorand price is $0.146, an increase of 4.4% in the last 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 is perhaps the safest and most profitable DeFi cryptocurrency in the crypto space today.
3. Filecoin (FIL)
Filecoin is a decentralized storage network based on IPFS, short for Interplanetary File Storage Protocol. The network leverages unused storage by providing a marketplace platform where users can pay for storage at a low cost.
Traditional financial alternatives to filecoin include Amazon Web Service, Google Cloud, and Dropbox. The difference is that for these traditional counterparts, data is stored on centralized servers, owned by the 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 around $4.51 at press time, according to CoinGecko.
In addition to being a leader in the Decentralized Physical Infrastructure Network (DePIN) niche, Filecoin is also opening new avenues to tap into the DeFi market. Filecoin holders can stake their FIL tokens and receive a reward based on a specific APY. The current staking APY for FIL tokens stands at 20.56%, which is up 12.6% in the last 30 days.
More recently, Filecoin introduced the Filecoin Liquidity Pool (FILLiquid), a borrowing and lending protocol. FIL holders can deposit their tokens into the FILLiquid pool, allowing others to borrow Filecoin whenever they need it.
By lending their Filecoin, people can earn interest, meaning they can earn more Filecoin over time. The current APY for staking in FILLiquid is 1.82%. This figure may increase as more people deposit into the lending protocol. FILLiquid is still in testnet phase, with mainnet launch expected soon.
Conclusion
These 3 high-yielding DeFi cryptos present exciting opportunities for the months ahead, highlighting the potential for impressive returns in the decentralized finance space. As the DeFi sector continues to innovate and generate interest, these high-yielding options reflect the dynamic and rewarding nature of cryptocurrency investing.
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