Top 5 Tokens on Avalanche to Look For 2024

Tokens on Avalanche
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If one looks at the recent rise in token prices, $AVAX, the native token of Avalanche, stands out completely. The token has been an outlier irrespective of whether the markets swung higher or lower. This was because of the ecosystem that Avalanche has built, especially around decentralized Finance (Defi).

With popularity around it, the Avalanche DeFi Ecosystem is on the verge of a significant expansion, thanks to the numerous projects built on the Avalanche network. But here are the top 5 picks that have stood the test of time and are ready to explode in 2024.

  1. BenQi

BenQi is a protocol that operates in the money market and allows users to easily lend, borrow and earn interest using their digital assets. What sets BenQi apart is that Ava Labs, the organization that founded Avalanche, has invested in it. This makes BenQi one of the most important projects in the Avalanche ecosystem.

  1. Trader Joe

Trader Joe is a platform in the Avalanche DeFi Ecosystem. It is a decentralized exchange that aims to be a one-stop trading platform on Avalanche. Anyone using Trader Joe can participate as a liquidity provider and earn rewards from its native token, $JOE. As more people use Trader Joe to exchange tokens, the number of transactions increases and liquidity providers are paid more.

  1. Pangolin

Pangolin is a decentralized exchange (DEX) developed by Ava Labs and is widely known for its fast transactions and low fees. The platform is built on the Avalanche blockchain and is designed to provide users with a premium trading experience. One of the unique features of Pangolin is that it is a community-driven project, which means that the holders of its native token, $PNG, can participate in the decision-making process of the protocol. This allows the community to have a say in the direction of the platform and ensures that it remains transparent and fair.

  1. YieldYak 

YieldYak is a DeFi platform created by a community that has developed and maintained one of the best, cheapest, and most diverse auto-compounding systems. This platform allows you to earn the best APY easily and automatically, without the need to re-stake your assets manually. YieldYak is completely autonomous, and the community regularly proposes new strategies and updates to keep it up-to-date. The most significant feature of YieldYak is that it auto-compounds, which means that the farms automatically compound every few minutes or hours, reducing variance in reward asset prices.

  1. CelerNetwork

CelerNetwork is a blockchain protocol that was launched in 2018. Its primary objective is to enable users to access DeFi, NFTs, and other applications across different chains instantly. The platform is dedicated to promoting the widespread adoption of blockchain technology by offering cheap and quick value transfers from one blockchain to another. CelerNetwork provides a wide range of Layer 2 scaling solutions and an easy-to-use infrastructure that facilitates the creation and deployment of dApps. Its native token is CELR.

Note: This article is for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal, investment, financial, or other advice. Any references to third-party platforms or projects is not an endorsement.

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