The following are 5 altcoin projects that have made a significant contribution to the crypto ecosystem in 2021.
Table of Contents
Uniswap
Decentralized exchange Uniswap (UNI) is said to have had the biggest impact on the entire crypto ecosystem since its launch in the summer of 2020.
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This is a DEX with remarkable growth throughout 2021 because it has helped facilitate thousands of new projects to list tokens easily, removing the barriers that projects face if they want to be listed. on centralized exchanges.
Data provided by Dune Analytics shows that Uniswap has been the dominant DEX this year, trading more on Uniswap than all other DEXs combined.
As seen in the chart above, trading volume on decentralized exchanges really started to pick up in the second half of 2021, mostly operating on Uniswap.
Throughout 2021, Uniswap is also leading in the development of the project, the protocol developers announced the release of Uniswap v3 in March. The v3 upgrade includes many protocol upgrades and it has helped the platform integrates layer two scaling solutions such as Optimism and Arbitrum to help reduce transaction costs and time.
Aave
Aave (AAVE) is a DeFi protocol that allows users to deposit and lend their tokens for profit or pledge them as collateral to borrow another asset.
As the DeFi sector began to gain traction in early 2021, AAVE emerged as a community favorite thanks to a wide range of supported crypto assets and backing from a number of prominent players. solid economic resources.
Throughout the past year, AAVE has expanded its capabilities and reach by releasing AAVE v2, adding support for Polygon, a Layer-2 scaling solution, and Avalanche, a cross-chain blockchain network (cross-chain) popular.
As a result of these additional capabilities, the total liquidity available on the AAVE protocol has surpassed $25.7 billion, making AAVE the leading DeFi protocol in terms of total value locked (TVL).
Curve
Curve Finance is a stablecoin-focused protocol that uses an automated market maker (AAM) to manage liquidity on the platform and the entire DeFi ecosystem.
Stablecoins have emerged as an essential element for the crypto community at large in 2021 as they provide sufficient liquidity to the market and serve as a safe haven for traders seeking shelter in times of volatility. high motion.
The growing importance of stablecoins has benefited the Curve protocol and its native token (CRV) by accelerating stablecoin integration into many leading DeFi protocols, including the Yearn ecosystem. Finance and Convex Finance.
Despite the fact that a significant portion of the assets locked on the Curve protocol are stablecoins, the platform currently ranks as the second-highest protocol in terms of TVL after AAVE, with $21.77 billion.
Curve has also integrated with many of the most active blockchain networks, including Ethereum, Avalanche, Harmony, xDAI, Polygon, Arbitrum and Fantom, which is proof of its role as a stablecoin liquidity provider for the entire market. electronic money.
Axie Infinity
Axie Infinity is a Play-to-Earn (P2E) fighting and trading game that allows participants to collect, breed, raise, battle, and trade NFT-based creatures known as Axies.
The P2E model emerges as a new fan favorite throughout 2021 as it offers users the ability to earn a daily income along with their gameplay, offering a few unique advantages when compared to the traditional Pay-to-Play (P2P) model.
Along with the rise in popularity of Axie Infinity has created an ATH level for the platform’s native token, AXS. When AXS hit a new ATH, Axie Infinity generated a peak daily revenue of $17.55 million on Aug.
Axie Infinity is also one of the earliest projects to set the trend of moving away from the Ethereum network because of its high fees and slow transactions. Earlier in the year, the project switched to the Ronin sidechain, and in November the project launched its own DEX called Katana.
Dogecoin
Dogecoin is an open-source proof-of-work (PoW) cryptocurrency leading the “meme coin” field, which has garnered a lot of attention from investors and the media throughout 2021.
While Dogecoin has made little contribution on the technology or development front, regular backing from influencers like Tesla CEO Elon Musk and Shark Tank star Mark Cuban has helped propel Dogecoin into a A 23.746% rally, saw the price rise from $0.0031 on January 1 to an all-time high of $0.74 on May 8.
In addition to the obvious price growth, DOGE has received increasing attention after it was announced that it would be used to fund the launch of SpaceX’s lunar satellite, and that the Dogecoin movement also activated. The meme-coin rally and spawned several highly successful dog-themed projects such as Shiba Inu (SHIB) and Dogelon Mars (ELON).
And most recently, Dogecoin has announced the roadmap for the first time in its 8-year history of development.
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