As the Bitcoin block halving approaches, the cryptocurrency community is buzzing with an aura of bullish expectations as they anticipate higher prices following the monumental event.
The block halving will reduce the incoming $BTC mined from each block by half, significantly lowering the influx of newly minted $BTC on the market, potentially creating a supply shock as US-based ETFs continue hunting for more coins to serve their customers.
With the bullish presence back in the market, investors are turning their attention back to DeFi platforms, which have the potential to outperform market leaders like Bitcoin and Ethereum in terms of gains.
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DeFi platforms ruled the 2021-2022 bull run, and investors expect a similar outcome in the 2024 bull run.
With DeFi platforms becoming the talk of the town, here are five platforms primed to explode in 2024.
Five DeFi platforms primed to explode in 2024
- Smog Token ($SMOG): A buzzing meme coin with a staking and airdrop ecosystem.
- Scotty the AI ($SCOTTY): A newly emerging AI-based platform with a seamless DEX.
- Jupiter Perpetuals Liquidity Token ($JLP) : The LP token for the Jupiter DEX.
- Uniswap ($UNI): The king of DEXs on Ethereum.
- Aave ($AAVE): A DeFi borrowing and lending platform.
1. Smog Token ($SMOG)
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The token immediately soared by over 1,400% and entered the top-trending toke following its launch. It has held at least a $50 million market cap since launching - demonstrating the strong appeal to hold $SMOG.
Smog Token introduces a unique airdrop-focused utility that lets users buy and hold $SMOG to earn airdrop points and participate in what’s described as ‘the biggest crypto airdrop of all time.’
Users can increase their airdrop points through its Zealy campaign, which has over 200,000 completed quests. The quests require users to complete specific tasks to accumulate points, such as following Smog Token on X.com and joining its Telegram channel.
In addition, Smog Token went multi-chain by launching on Ethereum through Wormhole to introduce new DeFi features. Now, users can stake their $SMOG to earn an APY return on their holdings.
The best way to buy $SMOG is through the project’s website using $ETH, $USDT, or a credit card to receive a 10% discount. Alternatively, it can be purchased on Jupiter DEX using $SOL.
2. Scotty the AI
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The innovative AI platform combines AI and blockchain to revolutionize how the market perceives security, fraud detection, and knowledge exploration through a series of AI-powered products.
The suite of products currently includes an AI-powered DEX for seamless token exchanges and an AI chatbot for market analysis and insights.
The DEX, Scotty Swap, is designed to be the go-to hub for seamless token exchanges. Its powerful AI integration ensures that traders have their trades executed in a manner that's optimised for maximum gains and security. Furthermore, it also introduces advanced orders, allowing traders to mitigate risk and place trades ahead of time.
Scotty Chat provides deep market analytics through an AI-powered chatbot, allowing the community to have insightful crypto-based conversations and be alerted to the latest emerging trends in the market.
The project's meme is based on a Scottish Terrier breed of dog, which is fitting considering it's known to be a highly intelligent breed fiercely loyal to its owner.
The project is causing a buzz as it appeals to the purist cryptocurrency community as no team tokens are allocated, with a zero tax policy. Furthermore, the contract has been renounced, and the liquidity will be locked.
Overall, Scotty the AI provides a powerful DeFi DEX platform that integrates AI, making it a project primed to explode in 2024.
3. Jupiter Perpetuals Liquidity Token ($JLP)
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Those investing in the $JLP token contribute to the Jupiter DEX trading liquidity pool, allowing them to earn from price increases in the index’s assets and through trading fees on the platform.
The DEX will deposit 70% of all the trading fees generated on the platform back into the liquidity pool hourly, helping increase the $JLP price.
The index includes top tokens like $SOL, $ETH, and $WBTC- all of which are expected to see considerable gains in 2024 - making this a fantastic DeFi platform primed to explode throughout the year.
4. Uniswap
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Uniswap has been off the radar for quite some time, but its token retains most of its volume and is starting to shape up for a strong recovery in the 2024 bull run.
With traders still using Uniswap on a daily basis, the increased usage through the bull market puts Uniswap in a position to explode, especially if they overhaul the UNI token to provide fees to holders in 2024 - making it a DeFi platform not to ignore during this bull run.
5. Aave ($AAVE)
Aave ($AAVE) is a prominent DeFi platform with a rich history that is scheduled to make a comeback during the 2024 bull run.
The innovative lending platform has led the way through the 2020/21 bull run by introducing unique features such as Flash Loans.
The platform has continued to innovate during the bear market and is still recognised as the leading open-source liquidity pool for borrowing and lending.
With over $11 billion in locked assets across eight networks, $AAVE is primed to explode in the coming bull run.
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