Three DeFi Projects On Cosmos That You Need To Check Out
These three DeFi projects on Cosmos should get you excited about the blossoming Cosmos ecosystem.
Covered:
- Osmosis (OSMO)
- Akash Network (AKT)
- Juno (JUNO)
As Bitcoin is trying to find support around the $40,000 range, altcoins have been feeling the pain alongside Bitcoin’s weakness. One altcoin that seems to be ignoring the red market, however, is Cosmos (ATOM). As the platform gains more and more strength, we can expect to see strength from its underlying ecosystem of tokens as well. What are some of the best decentralized finance (DeFi) projects on Cosmos, and are they ready to fly even higher?
Osmosis (OSMO)
To kick things off, let’s talk about Osmosis (OSMO). Osmosis is one of the most popular aggregated market makers (AMMs) on Cosmos. Like a decentralized exchange (DEX), Osmosis provides Cosmos users a full suite of DeFi products, like token swapping, liquidity pools, OSMO staking, and more. It’s been growing rapidly ever since Cosmos caught some momentum back in December. According to blockchain data tracker DeFiLlama, the total value locked (TVL) on Osmosis recently surpassed $1.8 billion. Look at that momentum coming off the December lows.
At the time of writing, OSMO is trading at $10.68.
To onboard Osmosis and start taking advantage of its various DeFi protocols, you’ll need to download the Cosmos-compatible Keplr wallet here.
Akash Network (AKT)
Next up is Akash Network (AKT). Akash Network is a decentralized and secure cloud computing marketplace built on Cosmos. It serves as the decentralized “middle man”, focusing on connecting those in need of computing resources with users who have the capacity to lease resources.
So how does it work? Akash consists of two key components: the network and the platform. The network represents the on-chain decentralized marketplace for cloud computing resources (as described above), while the platform is an off-chain deployment infrastructure used for hosting and managing workloads.
Akash acts like a “supercloud” with a unified layer to connect all providers on the marketplace. As a result, clients benefit from a singular cloud platform, regardless of which cloud provider they use.
At the time of writing, AKT is trading at $1.23.
The token ran hot into the peak of the 2021 bull run, in which it tested the $8 mark before coming crashing back down. Since then, AKT has been basically “down only”. However, notice the massive impulse in trading volume in the past week.
With the Cosmos Network heating back up, AKT could be gearing up to reverse its downtrend and go on another rally towards previous all-time highs.
Juno (JUNO)
Lastly, one project you have to keep an eye on is Juno (JUNO). Juno is a sovereign public blockchain built on Cosmos that promotes decentralized, permissionless & censorship-resistant avenues for developers to build on.
Juno solves 1st-gen smart contract network bottlenecks like limited scalability and high cost on transactions and deployment and acts as a neutral base layer for developers from around the globe to unleash permissionless innovation.
Additionally, JUNO stakers have been receiving high yields and copious amounts of airdrops to incentivize long-term holders.
The staking rewards in the Keplr wallet for the Cosmos ecosystem is wild:
– $ATOM 16% APR
– $OSMO 89% APR
– $SCRT 24% APR
– $JUNO 108% APROn top of that, you are eligible for almost all airdrops in the Cosmos ecosystem by staking these 4 tokens.
— Route 2 FI (@Route2FI) February 28, 2022
At the time of writing, JUNO is trading at $44.39
JUNO has been one of the strongest performers on the market right now, so while you may feel the urge to jump in and ride the wave up, have some caution before planning out your entry.
The post Three DeFi Projects On Cosmos That You Need To Check Out appeared first on CryptosRus.
Text source: CryptosRus
