You can purchase Ethereum ecosystem tokens on Binance in two simple steps.
Ethereum is a community-run technology that powers the Ethereum cryptocurrency and thousands of decentralized applications (DApps).
With functions such as smart contracts, Ethereum provides various innovative applications for finance, games and other fields.
Buy Ethereum Ecosystem Tokens on Binance in 2 easy steps.
The Ethereum ecosystem is equipped with applications that add value to numerous industries.
Currently, Ethereum is the second-largest cryptocurrency after Bitcoin, and it is not just a digital currency. By building a global network, Ethereum secures an ecosystem of decentralized applications (DApps), such as decentralized finance (DeFi), non-fungible tokens (NFTs), etc., thereby expanding Bitcoin Coin use cases. Read on to learn more about how Ethereum works, the top 10 projects driving the Ethereum ecosystem, and how to buy Ethereum ecosystem tokens on Binance.
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What is Ethereum?
Ethereum is a decentralized open-source blockchain network launched in 2015 and powered by its native cryptocurrency, ether. Computer science student Vitalik Buterin developed the Ethereum blockchain with a team of co-founders after realizing the potential of open-source Bitcoin code to go beyond the capabilities of digital payments. Through code development, Ethereum builds on the original vision of Bitcoin, providing a blockchain capable of running autonomous smart contracts, giving decentralized application (DApp) developers the ability to build programs on Ethereum additional functions.
The innovative architecture of blockchain has made it possible to build many independent cryptocurrency development projects and has spawned DeFi, NFT, GameFi, and the Metaverse. Ethereum has provided a large number of applications for the industry and has since developed into the second-largest cryptocurrency by market capitalization in the world.
Let’s take a look at the main use cases of Ethereum in the finance, art, gaming and technology industries:
Decentralized Finance
Decentralized finance (DeFi) has experienced explosive growth in recent years. DeFi has brought a huge impact on the traditional financial industry by providing a series of innovative financial products with the help of peer-to-peer (that is, directly from one party to another) blockchain technology. The interest rates and terms of these products are often far superior to traditional financial products. Loans, lending, investment opportunities, annualized yield (APY) products, insurance, and payment services are all decentralized financial products, and users mainly purchase such products through decentralized financial DApps on the Ethereum blockchain. These services do not involve any third parties and constitute an accessible, democratized permissionless financial system. Popular DeFi platforms include Aave and Uniswap.
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Digital Art & Collectibles
Non-Fungible Tokens (NFTs) are another addition to the Ethereum blockchain that have gained popularity over the past two years. Although NFTs were born on Ethereum back in 2017, they were not really known to the public until recently. NFTs have revolutionized the art world, providing what has long been considered vital, the provenance of artwork. Notable NFT collections include CryptoKitties, CryptoPunks, and Bored Ape Yacht Club. While some NFT marketplaces have been launched on other blockchains, Ethereum still has several of the largest NFT marketplaces in the world, such as OpenSea and SuperRare. Traditional auction houses have also realized the value of the NFT market, with Sotheby’s and Christie’s both holding multiple NFT auctions, the latter successfully selling a single NFT work by artist Beeple in 2021 for a whopping $69 million.
Game
The gaming industry is developing into a major branch of the cryptocurrency field, and is increasingly recognizing the great potential of blockchain technology represented by Ethereum. NFTs enable proof of ownership to support a wide variety of business areas. In GameFi, NFTs are turning ownership of in-game props, items, and rewards into assets. Games such as Axie Infinity and Sandbox have contributed to the development of NFTs and encrypted games. Gamers can earn digital assets through games, which can then be traded or sold. Digital land sales, in-game celebrity concerts, and limited-edition NFT releases are continuing to energize the “play and earn” space.
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Technology
Ethereum’s decentralized, smart contract-based blockchain revolutionized cryptocurrency technology. Ethereum’s distributed code and tamper-proof smart contracts enable developers to set parameters, and preset rules, and involve all aspects of value transfer, task execution, and more. Unlike Bitcoin’s first-generation blockchain, which focused on security and decentralized transaction verification, Ethereum code enables developers to build customized DApps that serve different industries. However, like Bitcoin, Ethereum currently operates on a proof-of-work (PoW) algorithm, with the difference that a “gas fee” has been introduced. Gas fees prevent users from processing non-essential transactions when the network is busy to avoid price increases. With a network merger from proof-of-work to proof-of-stake (PoS) mechanisms on the horizon, the much-anticipated upgrade promises to reduce gas fees while increasing transaction processing speeds.
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10 Important Projects and Tokens in the Ethereum Ecosystem
Ethereum ecosystem tokens have multiple use cases in different types of DApps. Below are the top 10 Ethereum ecosystem tokens available for purchase on Binance. The list is based on the market capitalization of different categories of projects, and the ranking is in no particular order.
1. Uniswap
UNI is the native governance token of Uniswap, an Ethereum -based decentralized cryptocurrency exchange. Users can trade Ethereum tokens on Uniswap without relying on intermediaries to hold funds. The platform employs a new trading model known as the “Automated Liquidity Protocol”.
Anyone can use the ERC-20 protocol to contribute tokens to liquidity pools, trade tokens, or even create and issue their own tokens. By providing tokens to liquidity pools, users can earn rewards while enabling peer-to-peer transactions.
Data on May 20, 2022 shows that Uniswap ( UNI ) is valued at $5.31 and has a market capitalization of $3.82 billion
2. MakerDAO
MakerDAO is an Ethereum-based peer-to-peer organization that provides users with cryptocurrency lending services. Users can deposit Ethereum-based tokens into the protocol to borrow, such as UNI, YFI, or Bitcoin, creating a collateralized debt position for the desired borrowing amount. MakerDAO can process DAI stablecoin loans. When repaying the loan, the loan amount must also be in DAI stablecoin, and the interest will be repaid with the governance and utility token MKR.
Unlike dollar-pegged stablecoins, DAI preserves its value through the overcollateralization of the MakerDAO protocol. For example, the value of Ethereum assets locked up as collateral has historically been higher than the value of DAI tokens received by borrowers. This ensures that DAI is equivalent to 1 USD token. Reserves hold enough value to maintain the value of stablecoins even in the event of a significant market decline.
Data on May 20, 2022 shows that MakerDAO ( UNI ) is valued at $1.65 and has a market cap of $117.1 million.
3. Aave
Aave is an open source lending protocol on the Ethereum blockchain. Lenders can stake various Ethereum-based assets into liquidity pools for rewards, while borrowers can lend against vetted assets as collateral.
In addition, the interest rates on the Aave platform are based on the utilization of the relevant liquidity pools. At the same time, lenders have the opportunity to earn relatively low-risk passive income from the interest paid on the loan without having to work with a third party. AAVE is the native governance token of the Aave ecosystem, and token holders can vote on the future direction of the protocol.
According to data on May 20, 2022, AAVE ( AAVE ) was valued at $93.12 and had a market capitalization of $1.28 billion.
4. 1INCH
1INCH is the native token of the decentralized exchange (DEX) 1INCH. The Ethereum-based DEX protocol aims to provide the best rates for its users by integrating the best cryptocurrency rates of all decentralized exchanges. Like other decentralized exchanges, 1INCH allows users to trade tokens without a third party.
According to data on May 20, 2022, 1INCH ( INCH ) was valued at $0.91 and had a market capitalization of $381.5 million.
5. Curve Finance
Curve Finance is both a decentralized trading platform and an automated market maker (AMM) platform, providing an efficient token trading model while maintaining low fees and slippage. Unlike other decentralized exchanges, Curve Finance is designed for exchanging stablecoins.
Users can use Curve Finance’s native CRV token as a governance token to participate in the decision-making process across the network.
According to data on May 20, 2022, Curve Finance ( CRV ) was valued at $1.34 and had a market capitalization of $616.35 million.
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6. The Sandbox
SAND is the native token and medium of exchange for The Sandbox ecosystem. Users can use SAND to buy land and build in-game assets or publish them on The Sandbox marketplace to monetize the gaming experience. SAND holders can also participate in the governance decision-making process and stake SAND tokens to earn in-game rewards.
According to data on May 20, 2022, The Sandbox ( SAND ) was valued at $1.3 and had a market capitalization of $1.6 billion.
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7. Decentraland
Decentraland is a virtual reality real estate platform where users can create and monetize virtual properties and experiences, as well as purchase digital assets such as LAND non-fungible tokens and digital identities on the Decentraland marketplace using the platform’s native token, MANA.
Data on May 20, 2022 shows that Decentraland ( MANA ) is valued at $1.09 and has a market capitalization of $2.03 billion.
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8. Chromia
Chromia is a blockchain platform that provides developers with the tools they need to create secure DApps by combining relational databases with blockchain technology. CHR is the standard currency within the Chromia ecosystem, and users can use CHR to pay within DApps.
According to data on May 20, 2022, Chromia ( CHR ) was valued at $0.21 and had a market capitalization of $124.64 million.
9. Chainlink
Chainlink is a decentralized network that enables secure conversion of data between the real world and blockchain smart contracts through Oracle software. Users can use Chainlink’s native token, LINK, to pay for services provided on the network.
According to data on May 20, 2022, Chainlink ( LINK ) was valued at $7.10 and had a market cap of $3.32 billion.
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10. Axie Infinity
Axie Infinity is a “play and earn” NFT game running on the Ethereum blockchain. Players can collect cute creature “Axies” non-fungible tokens and pit them against each other in battle. In addition, players can also use the game’s native tokens AXS and SLP based on Ethereum, and pledge tokens to get rewards while playing. AXS holders can also participate in key governance voting events in the Axie Universe.
According to data on May 20, 2022, Axie Infinity ( AXS ) was valued at $21.32 and had a market capitalization of $1.3 billion.
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How to Buy Ethereum Ecosystem Tokens on Binance in 2 Easy Steps?
Considering adding Ethereum Ecosystem Tokens to your trading portfolio? To ensure hassle-free transactions, Binance offers low fees and various payment methods.
Buy Ethereum ecosystem tokens and other cryptocurrencies on Binance in two easy steps.
Step 1: Complete the fiat currency recharge, and choose Binance e-wallet transfer or bank transfer. Be sure to check out the available fiat channels and choose your preferred currency.
Step 2: Buy the Ethereum ecosystem token of your choice through a spot wallet, or directly with a credit or debit card.
Conclusion
The Ethereum network plays a vital role in the rise of innovative technologies in the blockchain space, especially the DApp-focused ecosystem. The Ethereum ecosystem will continue to grow as more projects and users enter the industry.
As always, remember to do your research (DYOR) before investing in your favorite coin.
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