Tokens are peculiar digital assets. They represent a specific use of cryptocurrency within the blockchain system and let crypto enthusiasts pursue investment goals, make purchases or store value. These coins may also serve crowdfunding purposes. Discover the most promising tokens in October 2021.
- Uniswap (UNI)
This token represents a decentralized exchange project (Automated Liquidity Protocol) based on smart Ethereum contracts. The DeFi protocol leverages different types of assets, including its native token, to provide an experience similar to a conventional exchange with decentralization benefits. Users trade without intermediaries or an order book. The current price is $26.46.
- Wrapped Bitcoin (WBTC)
This token was designed as a bridge between Bitcoin and DeFi (Ethereum-based) exchanges. Being a liquidity booster, it lets Bitcoin owners use a variety of Ethereum wallets, smart contracts and dapps. The ERC-20 token is backed by Bitcoin on a 1:1 basis. Wrapping means that the cryptocurrency is held in a reserve by the BitGo Trust. The current price is $47,911.71.
- Chainlink (LINK)
This native token is used in the Chainlink DeFi oracle network to bridge smart contracts and real world data. The system lets smart Ethereum-based contracts connect to APIs, payment systems and external data sources securely. The token is used for paying transactions within the network. Currently, the price is $26.51.
- Dai (DAI)
This token is a stable coin (a digital fiat currency), as it is pegged to the value of the US dollar. The coin makes the DeFi environment less volatile and enables different transactions — trading, borrowing, and lending. MakerDAO, a decentralized governance community, regulates the asset. On popular platforms like Coinbase, you can buy the token for fiat money. As of this writing, the price is $1.00.
- Binance USD (BUSD)
This token is a stable coin approved by the NYDFS (the New York State Department of Financial Services). It was launched by the Binance exchange in collaboration with Paxos. Every token can be purchased and redeemed for US dollars based on the 1:1 proportion. BUSD merges blockchain with the stability of the American dollar. It plays a significant role in transfers, payments, and settlements. The value is $0.9999.
These are some of the leading tokens by market capitalization in October 2021. Diversify your crypto portfolio by investing in coins showing vigorous growth. Each of these tokens has an important role to play in the cryptocurrency ecosystem.