Defi business is growing, with the TVL hitting over 59 billion as at the writing time. Large Defi platforms like Compound, Maker, UniSwap, Aave, and Curve own almost half of the TVL. These platforms stand out in service delivery and success because of their long-term reliability in the crypto space.

Other platforms, that are relatively new, offer similar services and have proven to be great competitors in Defi. All these platforms are less than one year old, but the services they offer are vital in the growth of Defi. This article will take a look at the new Defi platforms with the best prospects.

Reef

Reef is a Defi project based on the Polkadot network, designed for cross-chain trading. This platform started up in the second half of 2020, it aims to end the problems of crypto trading, staking, lending, yield farming, etc. Ultimately, the platform will streamline the entire Defi world and make it easy for new and experienced traders to earn income.

Additionally, the platform promises high decentralization, top security, and great liquidity in the Dex sphere. The platform has a native token, Reef, designed as the main utility token of the ecosystem. For instance, Reef instills a DAO governance system where the token holders can drive the network to total success.

Currently, the token has a circulating supply of 3 billion tokens, and each trades at $0.038. Moreover, the market cap stands at $429 million.

Alpha Finance Lab

Alpha finance lab is a crypto Defi platform launched in 2020 to maximize investors' incomes and lower risks. It's a network of Defi services based on the Binance smart chain. This platform was designed with utter simplicity, and all the products UIs are intuitive and user friendly.

Among its major services is Alpha lending, providing decentralized lending options at automatically changing/adjusting interest rates.

When it comes to yield farming, Alpha provides the Alpha Homora platform, which aids in earning high yield from providing liquidity both in Ethereum and BSC networks. Alpha X is another product of the Alpha Finance lab, a non-order perpetual Swap tool designed to help investors open long and short positions.

The Alpha network has a native token named ALPHA which helps in running the activities within the platform. Currently, the token is trading at $1.54 and has a market cap of $387 million.

Polkastarter

Polkastarter is a Defi platform designed as a launchpad for new crypto projects to ask for funds from the crowd through IDOs. It was launched in December 2020 on the Ethereum blockchain. However, it's in the platforms developers plan to migrate from Ethereum to the Polkadot mainnet soon.

Polkastarter platform will help other projects host swap pools and safely raise funds. Moreover, Polkastarter hosts a fixed swap smart contract designed to help new projects launch pools and complete orders using fixed prices. POLS is the native utility token, which aids in service delivery within the ecosystem.

The POLS token is used in governance, trading fee payment, liquidity mining, and other smaller services. The platform's statistics show the POLS token trading at $3.98 and a market cap of over $253 million. Moreover, the total number of coins circulating is over 63 million.

The Graph

The Graph is a Defi project which officially launched its mainnet on the 17th of December 2020. This platform provides an indexing tool for querying other top functional networks, including Ethereum. The users can make subgraphs that contain public information that can be shared across other applications for everyone to see.

The Graph primarily makes the blockchain, P2P, and storage networks data into public data, making data querying fast, safe, and reliable. As this platform grows, it will be easier for the public to access decentralized infrastructure easily.

The Graph has a native token dubbed GRT coin, whose success has been great since it went live in exchanges. For instance, today, the coin is trading at $1.92, and over 1.2 billion coins are circulating. The market cap is currently $2.39 billion.

Geodb

Geodb is a crypto network offering rewards to its users in exchange for sharing their anonymous data. The platform has multiple applications like Geocash, Volta, Geoscan, GeoSuite, Geo Appstore, and Marketplace, making data access and selling easy. The first app to launch, Geocash, has already proven successful in attracting over 300 thousand users, helping them earn rewards for their data. The Volta and Geoscan apps are awaiting their launch soon.

Geodb has a native token GEO, which is used to both reward users for their data, and to act as a means of payment for buyers wishing to purchase data. Liquidity pools and yield farming are also available. Currently, the token is trading at about $1.38, and the market cap stands at $29.7 million.

Recently, Geodb announced its new project, the ODIN protocol, a data oracle providing simplicity and convenience through decentralization. The ODIN protocol will help in collecting data from multiple sources and adding them to the financial world. ODIN will be launching on test net in the first half of 2021, with the Mainnet planned for December 2021.

According to the Geodb network, developers and general users will benefit highly from its features once the project is complete. Furthermore, they anticipate that more than 12 million people will be connected to the network through a range of partners and connected apps.

Wing

Wing Defi was launched in September 2020 and is based on the Ontology blockchain. The platform by design aims to help in cross-asset lending and communications in Defi.

The primary reason for the launch of The Wing network was eradicating over-collateralization clouding the crypto lending world. The platform has a credit score/evaluation system designed to help lenders understand borrowers' credit viability.

Using the credit evaluation, it will be possible for borrowers to receive loans based on trust between lenders, guarantors, and borrowers.

Wing has its native token Wing, which helps in powering the platform and its services. This token currently trades at $54.5, with a total market capitalization of $81.78 million. As the Defi lending business grows abundantly, it's safe to say that Wing is yet to see its best days.

Conclusion

As the Defi world continues to grow, so are the many solutions provided by different platforms to make work easy. Among the best Defi solutions are the six Defi projects discussed in this article.

Reef, Mdex, and Polkasterter, for instance, shine in service delivery and have thus accumulated wide followership and immense amounts of market cap, even though they are new. The graph and Wing also offer outstanding services, and if given time, the platform will prove to be among the best in Defi.

Finally, there is Geodb, a platform aiming to be the center of all data by providing multiple applications for buying and selling data. Although Geodb is yet to fully launch all its products, the currently live product, GeoCash, has attracted hundreds of thousands of users and is growing everyday.