Cryptocurrencies are projected to be at the centre of the financial system of the future, and helping cryptos achieve this goal is decentralised finance or DeFi. DeFi is a financial system model that uses no intermediaries to function and uses peer-to-peer transactions instead.
Cryptocurrencies fit in neatly with the DeFi system with their decentralised networks and transparent operations on the blockchain. Cardano (ADA) and Solana (SOL) are two networks that are constantly in the news for their DeFi capabilities. This article will look to do a deep dive into what makes ADA and SOL an edge on DeFi, and we will also look at DogeMiyagi, an emerging competitor for ADA and SOL in the DeFi space.
Cardano: A DeFi Champion In The Making
Cardano is built to be a scalable and high-speed blockchain that can support dApps and DeFi that have a high throughput. The network’s prowess in speed and cost-effectiveness gives it a winning edge in the DeFi space. The network has been in a price dip for a few weeks, with ADA trading at $0.375966, with the nearest support level being $0.349169, and the next resistance level being $0.397221.
Price dip notwithstanding, the network is moving towards the top ten spots among DeFi blockchains. The network currently sits 16th on rankings calculating DeFi chains with a total value locked (TVL) of $183.16 million. The network’s TVL could see rapid growth with its proof of stake consensus mechanism and network fundamentals like low fees and high speed. Thus the current dip could be temporary and could usher in better times for ADA.
Solana: Can Speed Win The DeFi Race?
Solana’s biggest claim is its blockchain’s transactions per second (TPS) record of 50,000 TPS set in September 2021. The network is under continuous development signalling its adaptability and future readiness. The network had encountered some challenges, including the fall of the FTX exchange, but the network has added more dApps and DeFi projects to its ecosystem.
SOL prices rallied at the start of the year following the launch of Bonk, a meme coin in its ecosystem. The token has recovered from the lows of sub $11 levels at the start of the year to the present sub $20 levels. While the price climb is not indicative of a full recovery in the network but is still a positive sign and, combined with DeFi activity picking up in the network, is a sign of good times to come.
DogeMiyagi: To DeFi Supremacy, One Step At A Time
DogeMiyagi, a new meme coin in presale, has caught the attention of the market with the project’s plans for developing its community and ecosystem. The project takes inspiration from Mr Miyagi of the Karate Kid franchise and leans heavily on the patient approach to life Mr Miyagi champions.
The project has stated that it wants to develop the network into one that can be a leader in the DeFi space. The project places its community at the centre of the project and plans to make the network a fully Decentralised Autonomous Organisation (DAO) after its launch.
$MIYAGI will power the DogeMiyagi ecosystem, and holders can stake the token to take part in the decision-making in the network. The token will also power DogeMiyagi NFTs, dApps, and DeFi projects the network will have. The tokens will also be the reward in the network’s daily incentive schemes.
To further make the project close to its community, the project has launched an attractive referral scheme. Holders of $MIYAGI can refer the network to their friends and family using a unique code linked to their wallets, and they will receive a 10% commission on each sign-up to the network.
DeFi is expected to be the differentiating factor between great crypto projects and ones that you should be wary of. DogeMiyagi could potentially be a major DeFi chain with its plans to develop its ecosystem and to be a DAO. The token could give ADA and SOL tough competition in the DeFi space.
Click To Know More About Mr DogeMiyagi:
Website: https://dogemiyagi.com
Twitter: https://twitter.com/_Dogemiyagi_
Telegram: https://t.me/dogemiyagi
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
