Crypto markets breathed a sigh of relief in July as major tokens showed signs of recovery. Ethereum (ETH) leads the bunch as investors eagerly await the next merger. According to reports, the transition of ETH to a consensus Proof of Stake (PoS) method will take place on September 19, 2022.
Bitcoin (BTC) also followed in Ethereum’s footsteps, showing signs of recovery. Despite this, the crypto market is currently entering a leveling momentum. However, some DeFi tokens are bucking this trend. Many posted double-digit profits in the past week.
With that in mind, let’s see…
Best performing Defi token
Lido DAO (I will do it): Lido Dao (LDO) is currently the highest performing Defi token. The project recorded a profit of up to 63.6% over the last 7 days. Not only that, but over the past 24 hours, LDOs have increased by 12.9%.
With the Ethereum merger slowly approaching, many investors are looking to LDOs for their huge profit potential. Additionally, Lido DAO has submitted a proposal to diversify its finances with DragonFly. Under the terms of the proposal, DragonFly will purchase his 1% of his total supply of LDOs. So far, over 98% have voted in favor of the proposal.
At the time of writing, LDO was trading at $2.36.
synthesis Network (SNX): SNX is the next highest performing Defi token. SNX registered a maximum gain of 32.3% over the past 7 days. Additionally, the project is up 13.8% in the last 24 hours.
Many investors love SNX for its wide range of use cases. The project will allow synthetic assets to be issued on the Ethereum blockchain. These assets are vehicles that exist in the form of ERC-20 smart contracts known as “synths”. Essentially, it tracks and provides the yield of another asset without the user holding the asset.
Many expect SNX to break $50 in the near future. Additionally, the project is down significantly from its all-time high of $28.58. Many believe that this level will be reached again once the market stabilizes.
At the time of writing, SNX was trading at $3.94.
Celsius Network (CEL): Celsius Network is a popular name in this crypto winter news. Defi projects have suffered heavy losses due to exposure to the Terra ecosystem. However, at the moment the project achieves a maximum profit of 29.9%. Nevertheless, the CEL is down 3.6% over the last 24 hours.
Currently, Celsius has fully paid off its Bitcoin loan. Additionally, the company plans to use his initiative to mine bitcoin to regain all its lost capital. These moves may have heightened sentiment among some investors who hope the project will emerge from its current predicament.
At the time of writing, CEL was trading at $1.20.