Top Ethereum Projects to Actively Follow in Nigeria | TechCabal

As we all know, right now Ethereum is the main Blockchain out there. In 2017 and 2018, it was the go-to platform for Initial Coin Offerings (ICO) and now it has become the go-to for Decentralized Finance (DeFi). It is no big leap to claim that Ethereum has been, and still is, the engine of cryptocurrency mass adoption on the planet. The platform attracts so much interest and development that it has led to a historic rise in gas fees. 

As a result, choosing the top Ethereum projects can be very difficult. There are so many projects on Ethereum. The entire DeFi is basically only on Ethereum and all the projects out there are growing rapidly. We are always inundated with news about how a certain token rose by a significant percentage amount. 

This is why this list won’t be an exhaustive one. The projects highlighted here are the most interesting ones from a certain perspective and by no means, they are the best in the crypto space. Yet, these are important platforms that are pushing Ethereum usage and expanding crypto adoption. 

The products in this article are open in the Nigerian market. They offer Nigerians the chance to trade financial assets, save money at higher interest rates, exchange tokens in the Ethereum network and benefit from the DeFi explosion happening in Ethereum at the moment. 

In no particular order, we have.


The logo practically says it all. Synthetix is a platform where synthetic assets, that is, on-chain assets that track the value of real-world assets, can be created. These assets are called Synths and can be virtually anything from FIAT currencies, agricultural commodities, energy commodities, stocks, indices, and many more. Basically, anything that is traded can be brought into the platform. 

Why is this awesome? 

Well, Synths open the possibility for a whole new class of traders and investors to enter the market without having to go through the usual “gatekeepers”. Normally, trading on regular platforms requires the “Know Your Customeræ (KYC) and “Anti-money Laundering” (AML) protocols in place. Due to these protocols, literary millions of people have been left out of the picture. 

Furthermore, trading requires having access to a modern and internationally connected banking system. Again, this pushes out millions of people in countries with outdated banking systems. Synthetix eliminates both these problems since it works entirely on-chain no KYC or AML is demanded, and since trading can be done with crypto assets, anyone with the opportunity to buy small amounts of crypto can also join in. 

This powerful combination has led to SNX, the native token of Synthetix to rise in value. Also, more and more Synths are created every day, to the point that at the time of writing, 511.8 million dollars are locked inside the platform. The trend shows no sign of reversing, making the future of Synthetix very promising. 

This is especially exciting for citizens of developing nations. Synthetix opens the possibility to anyone to trade real-world assets and gain profits no matter where you may live. Nigerians looking to enter the crypto economy must seriously look into this platform.  


This is actually the poster product for DeFi at the moment. It is hard to say anything new about Compound, but if you are having a discussion about Ethereum, then you have to talk about the compound protocol. The idea of the platform is very simple. Compound aims to provide a platform where people can borrow Ethereum tokens and pay back with interest. Users can also deposit their tokens to be used as loans in order for them to gain profit. It is basically what banks used to be before they were ruined by consolidation and other factors. 

The platform itself is very well designed and intuitive. It can be accessed through online or mobile wallets. Compound displays users interest gain to date in an easy to understand way. 

If you didn’t know about how ethereum wallets work, check out this indepth explanation on ethereum wallets posted on Remitano

So, why use compound? 

Well, borrowers mostly use the loans for trading in different assets native to Ethereum while the depositors just want to make some money from their idle assets, it is just that simple. 

In a world where savings accounts basically give 0% annual returns, Compound becomes very attractive. The interest rate varies over time, so it is good to spread deposits over several tokens, but the returns are always good and reliable. In its most basic level the protocol is not that revolutionary of a concept. But in our crazy world of zero or negative interest rates, this is perhaps the only way to save and get a decent return for your deposits. 

The possibilities offered by Compound to Nigerians are immense. Anyone looking to open a savings account in a regular bank knows the interest offered by these banks is actually losing to inflation. Savers from across the country have to live with their hard earned money slowly becoming less valuable as time goes on. Also, buying US dollars can be hard and not profitable for small amounts. 

Compound offers larger returns on annual interest than any bank in Nigeria. It is available to stable coins such as Tether (USDT) which retain a 1 to 1 relation with USD, as it is an excellent solution for savers looking to protect the purchasing power of their Naira.  

1inch Exchange

Crypto exchanges were the first profitable businesses in crypto. Back in the days of the first generation Blockchains, before smart contracts and tokens, cryptocurrency were created basically to be traded on exchanges. This meant that exchanges grew and became dominant players in the crypto space. As Ethereum gained momentum a new type of exchange, the Decentralized Exchange (DEX), was created. These are on-chain trading platforms that can host any native tokens on the network.

This type of exchange became popular and more than a few DEXs has been launched on the Ethereum network. 1inch Exchange takes the concept a little further. It is actually a DEX aggregator, it searches for the best price among all the Decentralized Exchanges on Ethereum for any pair of assets a user wishes to trade. This can be a very powerful tool when looking for the best margins. 

Also, one of the best strategies in crypto investing is to look for tokens not yet released in major centralized exchanges and buy them before that point. 1inch is an excellent choice since it is on the Ethereum network where most of the best tokens are launched and live prior to their debut in the crypto economy at large. 

For crypto enthusiast who are new to crypto trading, check out this beginners guide and basic strategies to cryptocurrency trading to become a better trader.

Right now, Ethereum seems to be supreme in the world of Blockchain. Despite its many shortcomings, the platform shows no sign of slowing down. The latest revolution of Decentralized Finance once again has happened mainly on Ethereum and left behind other protocols.

As more projects launch on Ethereum the gas fees will continue to rise. This perhaps might put a stop to the growth of the network. However, Ethereum 2.0 has been launched and the excitement for this major update will pull even more projects into the platform.

Of course, none of the products we’ve listed above can be used without some Ether or Ethereum based token. Any Nigerian looking to take advantage of the DeFi revolution will have to buy Ether to enter the crypto economy. 

The best option for them is Remitano, the leading peer-to-peer crypto exchange platform in Nigeria which has also added a Naira Wallet for users to carry out Instant Trades

The platform offers the best solution for those Nigerians starting their crypto journey and looking to make some profit.      

No matter what happens, the future of Ethereum seems bright. At the moment, in the world of Blockchain, this is the platform to follow, learn and develop for.