The ongoing growth of decentralized finance and Non-Fungible tokes has given way to numerous competing services. Keeping tabs on the different services and platforms can be a challenging task. Data aggregators, such as TheForce, can offer a helping hand in this regard.
NFTs And DeFi Gain Momentum
Whereas both decentralized finance and Non-Fungible Tokens initially seemed to be niche markets, they have both turned into viable industries. Despite being different from one another, both DeFi and NFTs attract capital from investors, speculators, and traders. More importantly, this growth has given rise to hundreds of competing projects, creating a versatile yet somewhat fractured landscape.
Per CoinGecko, the DeFi industry represents roughly $140.4 billion in market capitalization. That is a significant amount, even if it represents less than 6% of the global cryptocurrency market cap. The majority of this value comes from a handful of projects, including Uniswap, Link, Terra, and PancakeSwap. Although there are 23 projects with a market cap of over $1 billion, more than 275 projects exist. A very competitive landscape, but one that can prove difficult to keep track of.
The statistics confirm NFTs are also heating up lately. In 2020, the NFT market cap had risen to $338.04 million, whereas the market cap is estimated at roughly $26.91 billion today. Such spectacular growth is impressive, primarily thanks to more competing projects hitting the market. Additionally, the different offerings on the market have become more professional and appealing, allowing users to get in on the action.
An Opportunity For Data Aggregators
As the competition among NFT and DeFi projects heat up, data aggregators have a new opportunity to make their mark on the industry. Similar to how aggregators track the different cryptocurrencies, so too need the DeFi and NFT projects. TheForce.trade provides a helpful overview of the prominent ecosystems catering to users of either industry. With built-in support for all the popular wallets - including MetaMask, Trust Wallet, and others - access to the service is straightforward.
The aggregator provides a convenient overview with a convenient interface to navigate between DeFi pools and farms or the NFTs associated with one's wallets. Thanks to support for Ethereum, HECO, and Binance Smart Chain as Defi and NFT blockchains, it becomes a lot easier to manage one's assets or put them to good use through decentralized finance.
Aggregators like these play a crucial role in the industry. Both novice and advanced users can leverage platforms like these to their full advantage to make the most of their portfolio. An essential step toward onboarding newcomers who may not be familiar with the cryptocurrency industry as of yet.
It is essential to see new services pop up capable of helping people come to grips with the DeFi and NFT industries. As both market segments are gaining popularity, it becomes all the more essential to gain an overview of what is going on and which projects are available to users. Aggregators can go a long way in attracting new users but also serve as a reference for people looking for specific information or market data.
The current state of aggregators confirms the need for cross-chain support. As different ecosystems compete against one another for traction, users will find their assets and holdings spread out across other blockchains. Rather than using different aggregators for various chains, services like TheForce combine everything through one convenient interface.