DeFi tokens are already taking over the crypto market following the rise of Web3 protocols. Bitcoin and Ethereum paved the way; now, we can build tokens using smart contracts from top blockchain networks.
These tokens can power robust ecosystems and provide a vast token economy for these protocols and products.
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There are more than 19,000 DeFi tokens available on the crypto market. Given the recent severe crypto market drop, here are three outstanding projects you shouldn't forget to add to your watchlist. One cryptocurrency is brand-new, while the others have already experienced significant market growth.
These DeFi tokens include Leo Token (LEO), Ripple (XRP), and Dogelien (DOGET). DOGET is the new cryptocurrency. We'll uncover more about it in this piece.
Leo Token (LEO) is Leading Price Gains and Popularity in the DeFi Space
Leo Token (LEO) has been making waves in the market partly due to the promising news of the Bitcoin loot recovery on the Bitfinex exchange. Bitfinex suffered a terrible hack in August 2016, dubbed the second-largest Bitcoin bridge hack after Mt. Gox. It lost 119,756 bitcoin at the time (valued at 2.5 billion in today’s market).
At the time, the incident made many enthusiasts and traders reluctant to put their funds in cryptocurrencies and decentralised finance protocols. To minimise the tension and loss, iFinex launched the Leo Token (LEO), also called UNUS SED LEO.
UNUS SED LEO became an incentive that kept many liquidity providers and venture capitalists with Bitfinex.
Later in 2022, the US Department of Justice (DOJ) recovered the Bitfinex loot. Bitfinex announced that early holders of the Leo Token (LEO) would be compensated accordingly based on their holdings. This news sparked massive interest in the potential of Leo Token (LEO), causing the token to soar despite market crashing.
Leo Token (LEO) has continued to lead price gains, maintaining its position as a top 20 cryptocurrency on the charts. There could be more price gains if the market kicks off a positive trend!
Ripple (XRP) Hangs on a Thin Thread; Could it Skyrocket?
Ripple and XRP have remained controversial for a long time, primarily due to Ripple’s lawsuit. The Ripple vs. SEC faceoff has lingered longer than the XRP Army (Ripple community) had expected. However, Ripple has continually assured traders and merchants buying or selling its token of a potential victory over the SEC on Twitter and Telegram.
Regardless of the lawsuit's outcome, Ripple is prepared for the rainy days that could follow with increased partnerships with digital protocols, marketplaces, and venture capitalists.
However, Ripple’s victory over the SEC could facilitate more buying than selling, driving scarcity and the price of XRP higher than its current all-time high of $3.84.
The crypto winter has drastically affected the price of XRP to a very low point. But with positive news in the general crypto market, XRP could lead to higher price gains than its current status.
Dogelien (DOGET); New but Potentially Gold
Dogelien is a new but potentially golden protocol. Its native crypto, DOGET, is a utility meme token that will power its ecosystem.
Dogelien will feature a crypto learning academy called the Barkington University, a charity learning platform. The protocol will also feature a vault for non-profit donations based on votes from Dogelien’s community - DAO.
Dogelien aims to transition into a full-fledged community-driven meme token ecosystem. Anyone can build or participate in the project just by holding or using the DOGET token.The DOGET token will be used for transactional and staking purposes. DOGET will also be used to incentivise the platform and its future products and offers.
Dogelien’s ecosystem will also feature a metaverse and NFT launchpad where holders of DOGET can build tradable and unique NFTs and also customise their metaverse accessories.
As a meme token, users have the flexibility to create NFTs based on any theme that revolves around the pup-pet universe.
At the moment, the best way to join Dogelien’s universe is through its live presale stage that will succeed a public sale and DEX listing - get involved.
Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.
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