The 10 Best DeFi Projects to Look Out for in 2024

From lending projects to decentralized exchanges (DEXs), and more, here are some of the top DeFi protocols gaining traction in 2024.

Decentralized finance (DeFi) has emerged as a powerful force in the world of cryptocurrency, offering a vast array of financial services that operate autonomously on blockchain networks. These protocols have become a cornerstone of the DeFi ecosystem, providing users with the ability to lend, borrow, trade, and invest their digital assets in a permissionless and transparent manner.

As we delve into 2024, the landscape of DeFi continues to evolve, with new projects and protocols vying for attention. In this article, we will highlight some of the best DeFi projects to look out for this year. But before we do, let's quickly recap what makes DeFi so groundbreaking.

Benefits of DeFi

DeFi stands out by democratizing access to financial services, removing traditional barriers centralized institutions impose. It gives you greater control over your assets and the freedom to engage in financial activities without intermediaries.

The programmability of DeFi, through smart contracts, enables innovative financial solutions that adapt to your needs while providing enhanced security and transparency. This transformative model has the potential to reshape the financial landscape, fostering inclusivity and efficiency in ways that traditional finance cannot.

Best DeFi Projects to Watch in 2024

Below are some of the top DeFi protocols gaining traction in 2024, ranging from lending projects to decentralized exchanges (DEXs), and more.

Related: The 6 Best Solana Projects in 2024

Lido

If you’ve considered staking your Ethereum but didn’t want to lock up your funds, Lido offers the perfect solution. By staking with Lido, you receive a liquid token (stETH) in return, which means you can continue earning rewards while using your stETH in other DeFi protocols.

Lido has made staking more accessible and flexible, becoming one of the best DeFi projects in 2024. Since its launch, it has attracted billions in total value locked (TVL).

It’s a popular option for those looking to maximize their returns in the DeFi world without compromising liquidity.

EigenLayer

EigenLayer is an innovative Ethereum protocol that enhances staking by enabling you to “restake” your ETH. This approach allows you to secure additional networks or protocols using your already staked ETH, forming what’s known as the “restaking collective.” EigenLayer’s primary goal is to boost security for decentralized applications (DApps) on Ethereum while offering greater flexibility for stakers.

EigenLayer stands out by letting you use your staked ETH beyond traditional staking, maximizing the utility of your assets and enhancing security across multiple applications.

Ether.fi

Ether.fi is a decentralized staking protocol that prioritizes your control over your keys while staking ETH. It offers a secure staking experience that focuses on decentralization and user empowerment, allowing you to participate in Ethereum’s Proof-of-Stake system without surrendering custody of your assets.

Ether.fi’s emphasis on self-custody allows you to retain control over your assets, addressing concerns associated with traditional staking methods that require trusting third parties.

JustLend

JustLend is a decentralized lending protocol on the TRON blockchain. It provides a seamless marketplace for lending and borrowing cryptocurrencies. Through smart contracts, it offers transparency and security and caters to both individual and institutional investors.

JustLend integrates seamlessly with the TRON ecosystem, offering competitive interest rates and interaction with TRON-based applications, making it a standout option for lending and borrowing activities.

Binance Staked ETH (WBETH)

Binance Staked ETH offers a straightforward way to stake ETH through Binance’s platform. With low entry barriers and an easy-to-use interface, it enables you to participate in Ethereum staking while earning competitive rewards. WBETH represents your staked ETH on Binance.

Its integration with one of the largest cryptocurrency exchanges worldwide provides you with easy access to staking while offering the flexibility to trade WBETH across DeFi platforms.

Rocket Pool

Rocket Pool is one of the best DeFi projects in Ethereum. It’s a staking protocol designed to make staking more accessible. With a minimum staking requirement of just 0.01 ETH, it allows smaller stakeholders to participate while enabling those with 16 ETH or more to operate validator nodes. rETH tokens represent your staked assets.

Rocket Pool democratizes Ethereum staking by offering both low entry barriers and opportunities for larger holders to run validator nodes, fostering a more inclusive staking environment.

Ethena

A new entrant in Ethereum staking, Ethena focuses on providing flexible staking solutions with high levels of security and decentralization. It offers an intuitive experience and competitive yields on your staked assets.

Key Features

Ethena offers customizable staking plans that cater to your specific needs while maintaining top-tier security throughout its operations.

Aave

Aave is the platform that’s probably crossed your radar if you’re looking to borrow or lend crypto assets. It’s one of the most popular lending protocols (and one of the best DeFi projects out there), allowing you to earn interest by lending your