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DeFi tokens remain in the lead despite the correction

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DeFi tokens remain in the lead despite the correction

DeFi tokens remain in the lead despite the correction
CONTENT

  • Most DeFi tokens stay high despite correction

  • LEND and YFI are the growth leaders this year

  • The total locked value in the DeFi token market is close to a record $ 11 billion

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The decentralized finance market tokens experienced an impressive pullback during the recent cryptocurrency market correction, but continue to lead in growth rates since the beginning of the year.

DeFi tokens remain in the lead despite the correction

Over the weekend, cryptocurrency markets showed a modest rise – the total market capitalization of digital assets increased by $ 5 billion.The figure returned to $ 346 billion, which is 13.5% below the highs of the current year, but 80% higher than in early January.

DeFi token boom

According to DeFi Profit Tracker, Decentralized Finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … %, while over the past 90 days their rise has reached 240%. The short-term picture shows that over the past 30 days, the total loss of these tokens is 8.5%.

Source – Twitter

The tracker also shows that the market capitalization of the decentralized finance segment tokens is about $ 5.3 billion, which is only 1.5% of the total capitalization of all cryptoassets..

DeFi tokens remain in the lead despite the correction

Aave-owned token shows the best dynamics this year As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More LEND, which has risen in price by as much as 2.925% since the beginning of 2020. Now LEND is migrating to the AAVE management token, and this process is accompanied by a reduction in supply – every 100 LEND tokens are converted into 1 AAVE.

In second place is the YFI (Yearn Finance) token, which has added 1670% this year. However, over the past seven days, the token has fallen in price by 30%, dropping under the $ 20,000 mark.

Loopring, Melon Protocol, Synthetix, Airswap, REN, UMA, Bancor and Kyber Network are also showing good gains this year, despite the current bearish correction. In the short term, BNT, owned by Bancor, became the growth leader – over the past 24 hours, the token has risen in price by 20%, having touched the $ 1.20 mark.

But not all DeFi tokens are enjoying growth this year. One exception was SUSHI, which plummeted from an all-time high by more than 90%. The bZx Network protocol token has also dropped in price..

TVL – at a record high

Total Locked Value (TVL) across all DeFi platforms is close to an all-time high of around $ 11 billion, according to DeFi Pulse..

TVL DeFi Chart by DeFi Pulse

TVL has grown by 1500% since the beginning of the year and set new records almost every week amid the emergence of new motivational incentives in profitable farming.

DeFi tokens remain in the lead despite the correction

The most successful protocol at the time of writing was Uniswap, with a total blocked value of $ 2.3 billion and a market share of 21%. There are currently five DeFi platforms in excess of $ 1 billion.

 

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