![]() The 0x Protocol token, ZRX, was trading at around $0.187, at the time, and Augur’s REP was priced at $9.46. Kyber Network’s KNC was outside the top 100 trading at $0.21, as was Bitcoin wrapping protocol token REN at $0.035. Loopring’s LRC was at $0.022, while Aave’s LEND token was changing hands for just $0.016. If Chainlink (LINK) is to be considered a DeFi token, it was priced at $1.81, at the time. Also in the top 100 crypto assets was Synthetix’s SNX which was trading for $1.13. ![]() Investing in a new project just hours too late often resulted in a painful exit as those insiders made off with the loot, dumping the newly distributed tokens back onto the market.Īnyway, back to the beginning of 2020, and the leading token and platform for the industry was Maker’s MKR priced at $440 during the first week of the year. Naturally, the whales and insiders got considerably richer off this farming frenzy while the smaller retail traders seeking short-term gains generally got burnt fingers. Every new protocol needed its own governance token and they were mined like crazy by “degenerate farmers,” or degens as they became known, seeking a quick buck. There were not many DeFi-related tokens trading at the beginning of 2020, just a fraction of what had flooded the markets by the end of the year. Many of those tokens have resembled the pump and dump patterns that 2017’s altcoins went through, but some have performed solidly, and this article will highlight those high flying assets. Many of today’s DeFi-related coins did not exist at the beginning of the year as the scene has resembled a microcosmic explosion of new protocols and tokens all within a six-month period. Bitcoin (BTC) did rise over 300% and Ethereum (ETH) over 480%, but some of the DeFi tokens outperformed those gains with monumental price increases. Without a doubt, Decentralized Finance (DeFi) was a strong driver of crypto markets in 2020.
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