Uptober In Full Swing: Review These Promising DeFi Projects Shaping The Future Of Crypto
Following the decline of major cryptocurrencies during September, now referred to as REKTember, prices have bounced back remarkably, setting the foundation for a bullish Uptober.
Bitcoin, the largest cryptocurrency by market capitalization, not only recovered all of its September losses on the first day of October itself but has also crossed the $57,000 resistance level, reaching its highest trading price in over five months. Likewise, altcoins like ETH, SOL, ADA, and others are also making a quick recovery, having more or less rebounded from the prior month’s losses.
While September was overshadowed by incidents like China’s continuous pressure on crypto businesses and the ban on services, the cryptoverse began gaining momentum as Federal Reserve Chair Jerome Powell clarified that the US has no intention to enforce a China-like ban on cryptocurrencies. Meanwhile, the SEC’s progress on the approval of ETF applications has also started moving forward, filling the market with positive vibes reflected by the sharp jump higher in cryptocurrencies at the outset of the fourth quarter.
Alongside cryptocurrencies, the DeFi ecosystem is flourishing as well, as more and more users enter the market to explore ways of generating passive income. As such, there has been a flurry of blockchain projects, especially DeFi products and services, grabbing the headlines. That said, here are some promising projects that have the potential to grow immensely during Uptober and the coming months.
DeFi Projects Facilitating Open & Inclusive Financial Infrastructure
Even though DeFi has cemented itself as one of the most dominant sectors within the blockchain ecosystem, it hasn’t quite achieved mass adoption, primarily because accessing DeFi products requires knowledge and understanding of the protocols. Users need to do a lot of research before investing, which isn’t possible for the larger population.
This is where Rocket Vault arrives in the picture. Powered by machine learning algorithms, Rocket Vault adopts a rel="nofollow noopener" target="_blank">BENQI, a decentralized, non-custodial liquidity market protocol. Built on the Avalanche blockchain, BENQI enables users to participate in digital asset lending and borrowing alongside investing in liquidity pools to earn passive interest.
With a focus on approachability, ease of use, and low fees, BENQI has crossed over $2.5 Billion TVL since its launch and is currently endeavoring to become a cross-chain hub, connecting Binance Smart Chain, Ethereum, and Polkadot chains through Avalanche subnets. BENQI also allows dApp developers to use its infrastructure to build DeFi products and transferable revenue tokens. Following the success of its first phase of the ongoing Avalanche Rush initiative, BENQI has rolled out the second phase, which will last for 45 days, and features $4 million in AVAX incentives up for grabs.
As you likely already know, mining is another preferred option for many users to earn passive income. But there are several issues, including the set-up costs, the carbon footprint, e-waste, and increasingly stringent government regulations, making it complicated for the broader population to start mining cryptocurrencies.
iM (Intelligent Mining) solves these issues by providing a streamlined, fully verifiable, and sustainably sourced marketplace for green digital assets mined with its proprietary clean-tech mining solution. The platform focuses on lowering the carbon footprint while mining by incorporating autonomous, decentralized, and solar-powered mining rigs, ensuring a fully renewable and reusable infrastructure.
Powered by the iM token, the platform’s token-holders retain fractional ownership of autonomous mining farms and collect 60% of the operations’ profit and staking rewards that can be staked in exchanges and liquidity pools.
Shifting gears, the number of appliances, devices, and more connecting to the internet is growing at an exponential rate. Per estimates, there will be around 55 billion connected devices by 2025, marking the peak of the Internet of Things (IoT) technology revolution. As such, Nodle, the IoT chain of Polkadot, offers connectivity and data liquidity to billions of IoT devices that ordinarily sit in isolation.
Leveraging “The Smartphone Infrastructure,” a design that utilizes smartphones as nodes and base stations for the network to lower connectivity costs, Nodle enables users to generate a passive income stream of NODL tokens. The team behind Nodle developed a way to grow the existing network via ‘proof of connectivity,’ where smartphone app developers and consumers participate in the Nodle Network to provide bandwidth and resources using their phone’s Bluetooth to earn NODL for their contributions.
To further the growth of IoT and its network, Nodle has partnered with ESTV, the world’s leading eSports content streaming provider, to enable ESTV’s 29.6 million global users to explore an additional source of revenue while streaming their favorite content.
If you’re looking to maximize your crypto holdings this Uptober, be sure to review the projects mentioned above, pick what suits you best, and start your journey into the world of DeFi.
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