DeFi Tokens Bounced Off Recent Lows.
YFI rate has risen in price in 24 hours by almost 75%.
Ethereum price also eyeing 2020 highs.
International consortium of news organizations developing transparency standards.
Popular DeFi Protocol TokensDecentralized Finance (DeFi) is a blockchain-based financial service that offers users access to an open, efficient and … More showing decent bounces this weekend. YFI became the growth leader, having risen in price by almost 75%.
They came to life again!..
Recently, bitcoin has been in the spotlight, making a spectacular run to the $ 16,000 mark. As is usually the case, against this background, altcoins have been in the shadows. DeFi tokens suffered heavy losses. Some of them have lost up to 90% of their value compared to all-time highs. However, this weekend the decentralized finance (DeFi) market tokens have a second wind. A number of coins registered double-digit gains.
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The rise in this segment is taking place against the backdrop of another record. According to DeFi pulse, the size of the total dollar value of all assets locked in DeFi protocols (TVLs) has again renewed its all-time high. This time the figure reached $ 12.5 billion.
However, most likely, the reason for such a jump was the rise in the Ethereum rate, and not the inflow of new capital into the industry. Recall that at the end of October the opposite situation was observed here..
Chart – defipulse.com
YFI in the leader’s jersey
An analytical resource Messari reported about the beginning of the growth of the token rate, noting that the capitalization of the DeFi market over the past day increased by 16 +%.
DeFi bouncing bigly $ AAVE $ YFI $ SNX $ UNI pic.twitter.com/liNEDHtLBg
– Messari (@MessariCrypto) November 6, 2020
Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More Yearn Finance projects YFI found itself at the forefront of a new wave of growth. In less than a day, it has risen in price from $ 8,800 to $ 15,700, showing an increase of 75%. The token still falls short of more than 60% of its peak highs, however it looks like it has now bounced off the bottom.
Recently, the Yearn Finance project was thinking about restructuring its system of commissions and rewards to attract more developers and strategists, and the creator of the protocol André Cronier successfully launched the new Keep3r token, creating a real stir among the ranks of farmers.
The Curve Finance token rate was also pumped up CRV, launched in mid-August. It rose within the day by 30%, but 98% is still separating it from the historical maximum.
7 Coins to $7 Million Dollars in 2021 (Teeka Tiwari DeFi Picks!)
Uniswap Token UNI has risen in price by 25%, trying to get close to the $ 3 mark. However, here it should be remembered that on November 17 on the platform the rewards for mining liquidity expire. This can provoke a massive exodus of liquidity providers and, accordingly, a fall in prices.
It’s all about Ethereum?
In general, we repeat, the current situation in the DeFi market could be due to the positive dynamics of the rate ETH. During the day, he was able to grow from $ 430 to $ 465, heading for a maximum of $ 480 in 2020.
Recently, the BeInCrypto editorial team said that the Ethereum developers officially launched the ETH 2.0 smart deposit contract, finally laying the long-awaited foundation for the transition to the new Ethereum protocol, presumably on December 1.
In general, many participants in the crypto community believe that ETH has significant bullish potential, and the Ethereum blockchain itself is a financial ecosystem that offers unique value..
However, financial market experts have already begun to publish traditional recommendations, advising investors not to get euphoric about such aggressive market movements, but, on the contrary, to try to fix some of the profits and pay off old debts instead of recruiting new ones..
Good advice https://t.co/BaaqzyDJ7u
– Erik Voorhees (@ErikVoorhees) November 7, 2020
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yearn.finance (YFI) EXPLODES: Hot New DEFI KING! Could this rise to $20,000 soon?
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