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The second-largest cryptocurrency after Bitcoin is Ethereum, which is more than simply virtual currency. By creating a worldwide network that protects an ecosystem of decentralized apps (DApps) from decentralized finance (DeFi), NFTs, and more, Ethereum has expanded on the use cases of Bitcoin. Due to its decentralization in nature, Ethereum ecosystem projects and tokens are trending. This article gathers the top 10 Ethereum ecosystem projects and tokens in 2023.
1. MakerDAO– An Ethereum project called MakerDAO enables cryptocurrency lending and borrowing. By depositing Ethereum-based tokens like UNI, YFI, or BTC into the protocol, users can borrow money by forming a collateralized debt position for the amount they want to borrow. When it comes time to return, the loan amount must be in DAI stablecoins, and any interest must be paid in the governance and utility token MKR. MakerDAO processes loans in DAI stablecoins.
As of April 21, 2022, MakerDAO (DAI) has a price of US$1.44 and a market valuation of US$207,255,730.
2. 1INCH- The 1INCH native Ethereum token is used on the 1INCH decentralized exchange (DEX). By combining the best cryptocurrency exchange rates from all DEXs, the Ethereum-based DEX protocol seeks to provide its consumers with the best rates. Like other DEXs, 1inch enables direct token exchange between users.
As of 21 April 2023, the price of 1INCH (INCH) is US$0.5098, and its market cap is US$415,412,451.
3. Sandbox– The native token and means of exchange in the Sandbox ecosystem is The Sandbox SAND. Users can use SAND to monetize their gaming experiences by buying property, building in-game assets, or listing them on The Sandbox Marketplace. Additionally, SAND owners can stake SAND tokens to get in-game incentives and take part in governance choices.
As of 21 April 2023, The Sandbox (SAND) is valued at US$0.6123 and has a US$917,979,106 market cap.
4. Decentraland- Decentraland is a virtual reality real estate platform that enables users to build and charge for online experiences and buildings. On the Decentraland marketplace, creators can purchase virtual goods like LAND NFTs and avatars using the platform's native token, MANA.
As of April 21, 2023, Decentraland (MANA) is worth US$0.5856 and has a US$1,100,391,969 market cap.
5. Chainlink- Chainlink is a decentralized network that safely converts information from the real world to blockchain-based smart contracts and back via Oracle software. LINK, the native token of Chainlink, can be used by users to pay for network services.
As of April 21, 2023, Chainlink (LINK) is worth US$7.47 and has a US$3,864,830,220 market capitalization.
6. Uniswap- The native governance token of Uniswap, an Ethereum-based decentralized cryptocurrency exchange, is called Uniswap UNI. On Uniswap, users can trade Ethereum tokens without relying on a third party to retain their money. The trading model used by the platform is a new one known as an automated liquidity protocol.
As of April 21, 2023, Uniswap (UNI) is worth US$5.75 and has a market cap of US$3,318,813,946.
7. Aave- On the Ethereum blockchain, there is a lending protocol called Aave. Lenders can receive rewards by adding different Ethereum-based assets to liquidity pools, while borrowers can put approved assets up as collateral for loans.
As of April 21, 2023, AAVE (AAVE) is worth US$72.04 and has a US$1,014,280,242 market cap.
8. Curve Finance- A DEX and automated market maker (AMM) platform called Curve Finance provides a quick and easy way to swap tokens while retaining minimal fees and slippage. Curve Finance, in contrast to other DEXs, is made particularly for trading stablecoins.
As of April 21, 2023, Curve Finance (CRV) has a market cap of US$745,637,473 and a price of US$0.96.
9. Chromia- Chromia is a blockchain platform that gives programmers the resources they need to combine relational databases with blockchain technology to build safe DApps. The Chromia ecosystem's standard currency is called CHR, and users can use CHR to pay DApp costs.
As of April 21, 2023, Chromia (CHR) is worth US$0.162 and has a US$110,603,916 market cap.
10. Axie Infinity- On the Ethereum blockchain, there is a play-to-earn NFT game called Axie Infinity. Players can gather NFTs of the adorable creatures known as Axies and engage them in combat. AXS and SLP, the game's native Ethereum-based currencies, can also be used by players to play and stake the tokens to earn rewards. AXS owners can take part in crucial Axie Universe votes for governance.
As of April 21, 2023, Axie Infinity (AXS) is worth US$8.16 and has a US$946,606,679 market cap.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
