DeFi protocols
DeFi rebuilds lending, trading and derivatives with smart contracts instead of intermediaries. It is one of the few areas of crypto with demonstrated product-market fit: people use these protocols continuously and pay real fees. The question that separates good analysis from bad is not whether the protocol works, but whether its token receives any of that usage.
What to compare: Separate protocol success from token value. In several cases fees go entirely to liquidity providers and the token only grants a vote. Check which oracle each protocol depends on too, because that is where its solvency risk lives.
5 entries
Uniswap
UNI · #17
A governance token for the largest DEX, and a textbook case of weak value capture.
DEX liquidity
Aave
AAVE · #24
The largest onchain lending market, where AAVE backstops the system rather than just voting.
Lending
Maker
MKR · #25
The credit system behind DAI, and the original test of decentralized stablecoin design.
Stablecoin credit
Injective
INJ · #27
A Cosmos-based layer-1 purpose-built for trading and derivatives.
Finance-specific L1
Jupiter
JUP · #47
The routing layer most Solana trades pass through, rather than a venue itself.
Solana liquidity