Which cryptocurrencies are commonly used in decentralized finance (DeFi) applications?

1 answers

• Jan 12, 2022 · 3 years ago
  Decentralized finance (DeFi) has witnessed a surge in popularity, and with it, the use of specific cryptocurrencies in various applications. Ethereum (ETH) is the leading cryptocurrency in the DeFi space, powering a wide range of decentralized applications, including lending, borrowing, and decentralized exchanges. Binance Coin (BNB) has also gained traction in DeFi, particularly on the Binance Smart Chain, where it serves as the native token. Chainlink (LINK) plays a crucial role in DeFi by providing decentralized oracle services, ensuring the reliability and accuracy of external data used by smart contracts. Uniswap (UNI) is a decentralized exchange protocol that has become a cornerstone of the DeFi ecosystem, facilitating seamless token swaps and liquidity provision. These cryptocurrencies, among others, are commonly used in DeFi applications, offering users diverse opportunities to engage in decentralized finance.
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