It is evident that the month of July has been a good one for all crypto assets. Primarily tokens in the DeFi space are nothing strong growth. That said, the currencies that gained less than 100% in value may prove to be the ones worth keeping an eye on.
Synthetix Network Token (SNX)
Although Synthetix Network Token has gone through a bit of a bull run already, the market is seemingly preparing for a second run. With its value currently sitting at $3.69, it is only 10% removed from its all-time high of $4.12. More importantly, it is still up by 10,529.4% from its all-time low.
One of the DeFi projects effectively flying under the radar is Kava. This platform has significant potential, as it is a multi-asset protocol for decentralized finance lending and borrowing. Bitcoin and XRP integration are currently being worked on, and there are rumors of incorporating Kava into Binance. A very interesting project, and one that is still valued at under $75 million.
Formerly known as Eidoo, pNetwork has recently gone through a massive price increase out of the blue. It is another cross-chain DeFi solution with tremendous potential, even though the project is valued at just $37 million. Given the recent price explosion of other DeFi tokens, this one may prove worthwhile to keep an eye on as well.
The Uma protocol wants to position itself as a platform to build synthetic assets. Other options to explore include decentralized futures, creating yield curves, and so forth. It is another interesting addition to the Ethereum ecosystem as a whole. For now, UMA has a $222 million market cap, yet its recent price surge doesn’t appear to be over just yet.
While many people dislike anything linked to TRON or Justin Sun, it appears that JST is firing on all cylinders. Following a recent price increase, the JST value has now surpassed $0.012, and its market cap is still just $18.1 million. Whether these figures will increase by much, remains to be seen, but it may be worth keeping an eye on regardless.
The post 5 DeFi Tokens to Watch in August: SNX, KAVA, PNT, JST, UMA appeared first on CryptoMode.