With the recent volatility in the cryptocurrency markets, it is advised that people use this period to learn more about the general cryptocurrency ecosystem. Understanding the different aspects in the cryptocurrency industry will give you an edge over those who rush to buy or sell cryptos.
For the newbies, “DeFi” is short for Decentralized Finance and it performs the services of banks and other financial institutions BUT without the control of the government or regulatory bodies.
With that, let’s take a look at the latest DeFi projects to go mainstream.
Sheesha Finance (SHEESHA)
This project aims to provide maximum rewards for your cryptocurrency portfolio through the process of staking ( with no lock or waiting periods) while collecting rewards from partner projects on Ethereum, Binance and Polygon chains. According to their official website, “Sheesha Finance is a leading DeFi mutual fund that makes a diversified premium cryptocurrency portfolio accessible and rewarding.”
Sheesha Finance claims to bridge the gap between traditional finance and the blockchain industry.
In addition, Sheesha Finance rewards not just whales or large investors but even “small-pocket” investors.
One of their goals is to become a member-managed DAO (Decentralized Autonomous Organization) while maintaining full transparency and integrity in DEFi space.
As of 28 January 2022, SHEESHA (BEP20) traded around $180 with a self-reported market cap. of $3,918,242. It also has a circulating supply of 21,543.00 SHEESHA which is capped at 99,999 SHEESHA.
The native token of Sheesha Finance, SHEESHA, can be traded as an ERC20 or BEP20 on DEXES like Uniswap, PancakeSwap or Polygon.
It can also be traded on BitMart.
In short, this project seems to have valid use cases and needs to be observed closely to know more about how it works.
Sovryn is a unique project that focuses on Bitcoin. It is a smart contract-based system used for lending, borrowing and margin trading of Bitcoin. Sovryn is actually built on RSK which is a Bitcoin sidechain (Bitcoin sidechain refers to an independent blockchain that can transfer Bitcoins from/to the Bitcoin network).
Sovryn enables you to trade and swap Bitcoin directly from your wallet without giving up your keys. To be part of the future, Sovryn plans to expand the Bitcoin metaverse.
Furthermore, SOV’s price is almost at $6 and a small market cap. of $117,688,357 which indicates there is still room for growth. In addition, the number of SOV available is 100,000,000 while about 20 million SOV are in circulation (as of 28 January 2022).
SOV token can be bought on CEXES like KuCoin and Gate.io; and on DEXES like Uniswap and SushiSwap.
EFIN Decentralized (WEFIN)
eFIN, as reported by CryptoDaily, is the next-era blockchain-based decentralized trading platform. The eFIN ecosystem features eFIN DEX, eFIN Bridge, eFIN Swap and eFIN Mobile Wallet. The eFIN DEX, according to their official website, is a secure, peer-to-peer, non-custodial decentralized exchange with ultra-secure crypto storage wallets.
The goal of eFIN is to merge the traditional financial system and the new financial system together.
WEFIN, which is the BEP-20 token of the eFIN ecosystem, features quick and low-cost transactions for the benefit of the user.
The price of WEFIN is $0.0002901 with a micro market cap. of almost 2 million dollars as of 28 January 2022. Plus, WEFIN has a maximum supply of 11.5 billion.
For more information, you can follow them up on their Telegram channel and official Twitter page.