The decentralized Finance (DeFi) sector, has been the project of the year so far. DeFi started the year just like many ICO’s, around for quite some time now but wasn’t really making any impact. The failure of many ICO’s also took the spotlight away from them, as many couldn’t even survive a few months in the crypto world. DeFi has survived the tough coins and is now giving them a run for their money. It is no secret that DeFi is the ICO of 2020. The project has seen its tokens put up excellent performances in the market fueling the rapid growth of the sector this year.
A report provided to clients of Delphi Digital, a major digital asset research and consulting firm, revealed that tokens in the DeFi space, have been showing momentum and gains for both the short and long term run.
DeFi, therefore, is in for the long run and as tokens of popular apps on its space keep performing, this year can only get better as well as subsequent years. At the start of the year when the DeFi sector saw tokens of different projects skyrocket, many experts believed its technical indexes signaled an impending bearish trend. However, tokens on the DeFi space have enjoyed unprecedented rises from the start of the year until now. Aave (LEND), Ren (REN), and SwissBorg (CHSB) tokens are a few of the tokens that have seen a massive rise in price from the start of the year.
Aave has seen a run of bullish trends from the start of the year. With a rise of almost 1,100%, the token’s performance can be compared to that of the best in the game as well as surpassing that of many altcoins this year. Its trading price at the start of the year, rose to a high of $0.17, a few days ago. With interest and investors shifting towards the DeFi space, the demand for Aave has been increasing with each day passing. The London-based DeFi lending platform, outperformed Bitcoin last week with a 66.45% gain.
Ren, since the collapse of the market in March, has seen an upward trend, rising over 500% in the process. Its price was just shy of the $0.155 mark, its all-time high, a feat which was achieved in August 2009. SwissBorg has also seen an increase of over 1,760% since the start of the year and is currently trading at its all-time high. Another DeFi-based token, MakerDao, gained 25.60% in that same period, also surpassing Bitcoin’s gains last week.
DeFi ICO’s have outperformed Bitcoin this season, even when the biggest cryptocurrency saw its institutional interest reach an all-time high. With interest from investors pouring in each day, the DeFi sector is poised to further rock the crypto industry this year.