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Top 3 DeFi Tokens to Watch in December 2022

Will Izuchukwu by Will Izuchukwu
December 8, 2022
in News
Reading Time: 4 mins read
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DeFi tokens
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Decentralized Finance opposes the centralized finance structure and operations by terminating the fees and complex processes involving finances and dealing with zero intermediaries. It employs the use of Peer-to-peer transactions without the interference of any centralized banking system. Decentralized Finance (DeFi) Tokens currently have a massive total market capitalization of $42,760,345,238 and a total trading volume of $3,295,860,585.

Note: This List is sorted by their market capitalization from lowest to highest

Reserve Rights (RSR)

  • Price Unit: $0.004128
  • Market Cap: $174,989,793
  • Distinct Features: Reserve Rights are a safety net to compensate holders of Reserve stablecoins (RTokens) in the unlikely event of a collateral token default.

Reserve Rights (RSR) is an ERC-20 token that the Reserve Protocol will use to insure Reserve stablecoins (RTokens) through staking and to control them by proposing and voting on configuration modifications.

Reserve stablecoins are different from other stablecoins in that they are typically backed by a pool of cryptocurrencies that are controlled by smart contracts, as opposed to other stablecoins, which are usually backed by USD held in reserve in a bank account under the control of the stablecoin issuer or a dependable custodian.

Reserve Rights also serve as the governance token for Reserve stablecoins (RTokens), allowing for the proposal and voting on changes to RTokens with RSR.

Exchange: RSR is currently trading live on Binance, MEXC, CoinW, Bitrue, and OKX.

Solar SXP (SXP)

  • Price Unit: $0.2454
  • Market Cap: $124,380,594
  • Distinct Features: Solar uses the Delegated Proof of Stake (DPoS) consensus architecture, which is one of its unique features. As a result, the Solar Blockchain is entirely decentralized, efficient, and sustainable.

A decentralized, community-driven blockchain initiative called Solar is working to build an environment with real governance, with SXP at the center of all it does. Solar blockchain is a community-driven environment with open-source developers.

The Solar (SXP) blockchain can compete with enterprise-grade applications with a wide range of features and tools.

The Solar Blockchain offers the user rich libraries and tools to create blockchain projects for various use cases.

  • Decentralized Applications
  • Fungible and non-fungible tokens
  • Games

Exchange: SXP is currently trading live on Binance, MEXC, CoinW, BingX, and Bitrue.

Rocket Pool (RPL)

  • Price Unit: $19.03
  • Market Cap: $196,335,309
  • Distinct Features: Node operators do not deal with funds. Any fines incurred by node operators are deducted from their earnings rather than rETH holders.

For ETH2 staking, Rocket Pool, a decentralized Ethereum staking pool, offers up to 4.33% APR. Users can run their nodes with just 16 ETH or join the Rocket Pool, a decentralized network of node operators.

In the second scenario, they can receive a commission for staking ETH and extra RPL payments for supplying RPL collateral.

Users of Rocket Pool can benefit from an increasing exchange rate rather than rebasing their staked collateral, which would be a taxable event. This is known as liquid staking.

Rocket Pool also provides smart nodes, a unique node software that enables anyone to run a node on its network.

Exchange: RPL is currently trading live on MEXC, CoinW, XT.COM, Kraken, and BKEX.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

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Image Source: photonphoto/123RF // Image Effects by Colorcinch

Tags: DeFi
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