Ethereum DeFi at its peak of development
The tokens associated with Decentralized Finance (DeFi) protocols have risen in price in the last three months, significantly ahead of the rest crypto market. ETH and BTC worth over $2 billion have already found their way into DeFi protocols. The last billion of this amount was blocked in just three weeks of June. Moreover, DeFi platforms now jointly bring their users $25 million a month.
As a result, the tokens used by these DeFi protocols have increased by more than 800% in the last three months alone. This may not be the heyday like the 2017 crypto market, but it is a rapidly growing new sector that is worth considering.
The data provided by Messari shows 10 DeFi tokens, which have recorded an increase between 41% and 804% since April 8.In context, bitcoins and the entire crypto market grew by 27% over the same period.
AEND LEND token — the native token of the Aave credit protocol — has shown an 804% growth over this period. According to DeFi Pulse, Aave is currently the fourth largest DeFi protocol in existence, with over $150 million recorded at the time of its inception.
In three months since April 8, the value of LEND has increased from $0.022 to $0.199. However, this increase was only a continuation of LEND’s recent growth, which showed a record 1.227% growth since January.
Bancor (BNT) is next in the list of the best DeFi tokens in terms of price performance. Bancor is an Ethereum-based protocol that allows tokens to be exchanged without the use of pools using pooled liquidity. Since April 8, the price of BNT soared from 0.191080 to 1.65 dollars, achieving an incredible 761% increase.
Bancor is interested in users who contribute to liquidity pools. Although Bancor has its own website and DEX, its protocol is also used by many other exchanges, including the most commonly used DEX at the time of writing, 1inch.exchange.
The tokens that follow show more modest but still impressive results. Ren (REN) is the next strongest player, having shown the growth of 286% for the previous quarter. Ren is used as an open protocol for inter-lock transmission of cryptos.
Given the token’s stated goal of interoperability with DeFi, its growth may be an indication that investors are not only collecting DeFi tokens, but also those related to the way they operate on a technical level. The tokens associated with Synthetix (SNX), Kyber Network (KNC) and Loopring (LRC) have also shown growth between 220% and 280%.
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