There are a lot of high-yield DeFi crypto out there but not all of them are sustainable. The crypto landscape has grown immensely and some of the largest blockchain protocols have billions of dollars in total value locked (TVL). Here are 3 legit and super high-yield DeFi cryptos to explore today.

1. High Yield DeFi Crypto – Sushi (SUSHI)

Sushi is a DeFi protocol that is 100% driven by the community through the Sushi DAO. The protocol offers users lucrative interest rates for your staked crypto assets. Sushi has several DeFi applications where users can provide liquidity, farm yield, and stake their assets. 

SUSHI is the official governance token of the Sushi protocol and experienced high price volatility after the founder, Chef Nomi rugged the community. However, the community came together and under the leadership of 0xmaki, SUSHI pumped to an all-time high of $23 in the 2021 bull run. The price of SUSHI today is $0.846, just 78% from its all-time low price.

Sushi, built on Ethereum mainnet, provides a range of liquidity pools. The YFI Whale pool offers the largest APY on the protocol at 17.73%, while the Tether Turtle pool offers 11.71%. Data from Coinbase shows Staking SUSHI gives you an APY of 4.68%. This rate is up from 4.57% in the last 24 hours. The SUSHI staking APY was 3.64% a month ago, which means that Sushi Staking is up. The more people stake, the higher the APY.

Sushi has a TVL of $302 million and a market cap of $163 million, which is equivalent to a TVL-to-market cap ratio of 0.54. This indicates SUSHI is an undervalued asset and may likely rise in price soon, which is good for those yields.

2. Algorand (ALGO)

Algorand is a scalable, efficient, and decentralized blockchain network designed for secure and fast transactions. The unique consensus mechanism of the Algorand blockchain ensures decentralization and security. The transactions are finalized within seconds, without the need for confirmations, reducing the risk of forks and double-spending. Algorand also boasts of low transaction fees, making it accessible to many 

ALGO is the utility token of the Algorand network and enables holders to pay transaction fees on the network while also voting on major network developments. Additionally, ALGO holders can stake the coin and earn rewards for helping secure the network. 

The current Algorand staking APY is a staggering 246.11%. This reward is up 4,573% in the last 24 hours and 5,278% in the last 30 days, per Coinbase. Just 24 hours ago, the Algorand staking APY was 5.27%.

The surge in APY comes after Coinbase announced the opening of send-and-receive support for USDC on Algorand.

Coinbase has enabled send and receive support for USDC on Algorand. We are excited to keep expanding multi-network USDC availability. pic.twitter.com/IKADkZCfoz

— Coinbase Assets (@CoinbaseAssets) June 25, 2024

The network recently lost the support of USDT after Tether announced it would no longer issue the asset on Algorand.

ALGO price today is $0.146, a 4.4% increase in the last 24 hours. The daily trading volume of Algorand is also up 36%, showing a recent spike in market activity. Sitting at a $1.1 billion market cap, Algorand may be the safest and high-yield DeFi cryptos in the current crypto space. 

3. Filecoin (FIL)

Filecoin is a decentralized storage network based on IPFS, short for Interplanetary File Storage protocol. The network puts unused storage to work by providing the platform for a marketplace for users to pay for the low-cost storage. 

The traditional finance alternatives for filecoin include Amazon Web Service, Google Cloud, and Dropbox. The difference is that for these traditional counterparts, data is stored in centralized servers, owned by the respective multinational conglomerates.

FIL is the native token of the Filecoin network and can be used to pay for decentralized storage. Filecoin price increased 8.1% in the last 7 days to trade around $4.51 at press time, per CoinGecko.

Besides being a leader in the decentralized physical infrastructure network (DePIN) niche, Filecoin is also opening up more avenues to tap into the DeFi pie. Filecoin holders can stake their FIL tokens and receive a reward based on specific APY. The current staking APY for FIL tokens sits at 20.56%, which is up 12.6% in the last 30 days. 

Most recently, Filecoin introduced the Filecoin Liquidity Pool (FILLiquid), a borrowing and lending protocol. FIL holders can deposit their tokens into the FILLiquid pool, allowing others to borrow the Filecoin when they need it. 

As we step into a new month, we’re happy to share the excitement for our upcoming mainnet launch soonest! Get ready for an innovative leap in #DeFi

Join #FILLIQUID and be part of the future of finance! We’re redefining the boundaries of decentralized lending and liquidity… pic.twitter.com/cKHXVUCla1

— FILLiquid (@FILLiquid) July 1, 2024

By lending out their Filecoin, people can earn interest, which means they can get more Filecoin over time. The current APY for staking in FILLiquid is 1.82%. This may increase as more people deposit into the lending protocol. FILLiquid is still in the testnet phase, with the mainnet launch coming soon.

Conclusion

These 3 high-yield DeFi crypto present exciting opportunities for the coming months, showcasing the potential for impressive returns in the decentralized finance space. As the DeFi sector continues to innovate and attract interest, these high-yield options reflect the dynamic and rewarding nature of cryptocurrency investments.

The post 3 Super High Yield DeFI Crypto For July 1 appeared first on CoinGape.

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Filed under: News - @ July 1, 2024 2:16 pm