The DeFi tokens (Decentralized Financing) from Balancer, Ben, Aave and Swissborg have made enormous profitsfollowing the excitement sparked by the distribution of the compound governance token.
The price rose less than twelve hours after Balancer announced that its BAL protocol governance token was available on Ethereum’s core network from $ 6.65 to $ 22.28. At press time, the DeFi token was trading at $ 15.60 and there were just over 6 million BAL tokens in circulation.
It is following in the footsteps of COMP, whose value has more than tripled this week. Even after today’s price drop, it continues to rise by 135%.
LEND, REN and SNX rise to peak
According to CoinMarketCap data Altcoins Aave (LEND), Ren (REN) and Synthetix (SNX) also had strong rebounds this week.
TO LEND, a mark of the London-based DeFi Aave credit platform, has seen a price increase of 3,900% since trading below $ 0.01 for almost a year from November 2018. The token initially rose to $ 0.05 in May and to $ 0.16 on June 21.
The newly launched REN and Synthetix, Australian market leader in DeFi derivatives, and today they showed new historical highs. SNX price rose 40% this week Continued upward trend from 100% in the past 30 days to a record high of $ 1.61.
Both tokens have been on the upside since the end of March after the cryptocurrency bloodbath. On June 23, the REN price reached $ 0.16, an increase of more than 400%.
SwissBorg is looking for all-time highs
The CHSB token the decentralized management platform Swissborg It is currently trading at $ 0.14 and hit a new all-time high of just over $ 0.16 on June 17.. For much of 2020, the DeFi token price was $ 0.02.
Why are DeFi tokens better?
Cointelegraph reported this Many DeFi tokens consistently outperformed Bitcoin (BTC) in 2020. Interest in these coins has been boosted by the introduction of COMP, which has just started trading on Coinbase and has seen a rapid rise in prices in its first week.
The concept of “profitable agriculture” is also very enthusiastic. Some publications, including Forbes, have worked to achieve a 100% return on an annual basis.
With these tokens working on the Ethereum mainnet, the expected launch of Ethereum 2.0 later this year could boost the upturnThis allows DeFi projects to scale properly. Some believe that DeFi could compete with the 2017 ICO boom, while others believe it is another overvalued bubble waiting to burst.