This article will take a look at five cryptocurrencies in the decentralized finance (DeFi) industry.
These DeFi tokens have some interesting evolutions planned for the month of June, which could also have a positive effect on their price.
The Aave protocol is a decentralized and open source liquidity protocol. It allows users to participate as borrowers or depositors. Depositors ensure market liquidity while earning passive income, while borrowers can borrow assets.
The protocol also offers interesting features like flash lending. This allows an entity to borrow assets, without providing collateral. However, the borrowed liquidity must be returned as part of a bulk transaction. It is primarily intended for developers, as its execution requires considerable technical knowledge.
As for its security, the protocol stores the funds on a non-custodial smart contract present on the Ethereum (ETH) blockchain. The native token is AAVE, which is used to vote on improvement protocols.
The DeFi World Investment Summit will be held from June 2-3. One of the speakers will be Stani Kulechov, founder and CEO of Aave.
The AAVE has been down since it hit a record high price of $ 668 on May 18. However, it rebounded above the $ 300 support area and potentially completed its correction.
Coti Network (COTI)
COTI is a DeFi platform whose main objective is to help organizations create their own payment systems. In addition, it allows them to digitize their own currencies. It is a directed acyclic graph (DAG) cryptocurrency, which means that it does not require blocks or miners to use blockchain technology.
COTI uses Trustchain, a consensus algorithm based on machine learning. It drastically reduces costs while increasing processing speed. It does this by grouping transactions into different chains based on their trust scores.
The advantages of Trustchain are numerous, such as:
Allow users to embed one-click payment requests into their websites for effortless payment.
Using Confidence Scores for Faster Confirmation Times in its Proof of Confidence Consensus Mechanism.
On-chain decentralized smart contracts that are verified by full nodes, before being confirmed.
The roadmap for 2021 outlined several interesting developments. There is the release of Paywize, a credit card processing solution. In addition, an integration with Celsius, a long-standing partner, is expected to take place. Finally, margin trading will be introduced on the COTI platform.
COTI has been trading in a large descending parallel channel since March 1.
On May 23, it hit the channel support line and rebounded. The line also coincides with the retracement support level of 0.786 Fib. It created a bullish engulfing candlestick on May 24 and has moved higher since then.
MANTRA DAO (OM)
MANTRA DAO is a community-run DeFi platform. Its three main areas of intervention are: loans, staking and governance. Its native token is OM.
The ecosystem is governed by OM token holders, who have full voting rights. He also uses a reputation mechanism called Karma. It is similar to credit scores, which means that it rewards users who positively contribute to the MANTRA DAO ecosystem.
MANTRA DAO also uses Riochain, an extremely scalable and secure public blockchain. It uses a hybrid model that allows interoperability between different blockchains.
The OM price has been going down since March 15th. It hit a new all-time low of $ 0.142 on May 19. It is now facing resistance at $ 0.24.
BEAM is a confidential DeFi cryptocurrency platform specializing in privacy, enabling anonymous and secure transactions. It uses a combination of two protocols: Mimblewimble and LelantusMW.
To do this, it implements Beam Shaders and the Beam virtual machine. They work together to create smart contracts, the terms of which cannot be changed, after they are created.
Therefore, BEAM allows the exchange of assets and the creation of contracts between two parties. It does this without needing a trusted third party.
Since its launch in January 2019, BEAM has released four versions. Each offered a significant improvement over their predecessor. The 6.0 hard fork for BEAM will be released on June 5. It will provide updates to shaders and confidential assets.
BEAM has been down since April 11. In 42 days, it lost 78% of its value, peaking with a low of $ 0.456 on May 23. Currently, it is trading in a range between $ 0.525 and $ 0.96.
Serum is a decentralized exchange and ecosystem. It aims to bring unmatched speed with very low transaction costs to the DeFi industry. It is built on the Solana network (SOL). The serum can reach up to 50,000 transactions per second. Its native token is SRM.
SRM allows users to exchange assets between different blockchains. Despite a maximum supply of ten billion, 90% of tokens are stuck in the long term. 10% were unlocked in the first year, while the rest will be unlocked for a period of seven years. The current supply in circulation is estimated at 50 million.
SRM has been down since May 3, when it hit a record high price of $ 12.98. The drop has been brutal. This caused a validation of the previous resistance area of $ 3.50 and the retracement support level of 0.786 Fib. Despite the lack of clear signs of a bullish reversal, it is possible that the token has completed its correction.
For the latest Bitcoin (BTC) analysis from BeInCrypto, click here.