DeFi Token Flies: Record Breaking Above Record
The decentralized finance (DeFi) tokens of Balancer, Ben, Aave, and Swissborg made huge gains after the excitement from the release of the Compound (COMP) token. After less than twelve hours, the price rose from $ 6.65 to $ 22.28 after DeFi Tokens Balancer announced that the protocol audit token BAL was launched on the Ethereum main network. After this huge increase, BAL, which has approximately 6 million in the market, fell to the $ 15 band. Considering these figures, we can state that BAL, which follows the trail of COMP, progresses with a 135% appreciation even after the decrease. According to CoinMarketCap data, Aave (LEND), Ren (REN) and Synthetix (SNX) altcoins also showed strong price performances this week. To buy bitcoin and crypto money by credit card, you can use Cex.io by subscribing to this link to take advantage of the commission. LEND, a token of London-based DeFi credit platform Aave, has experienced a price increase of 3.900% since trading under $ 0.01 for almost a year since November 2018. The token first rose to $ 0.05 in May, then went up to $ 0.16 on June 21. On the other hand, the Australian leader Synthetix in DeFi derivatives and the newly launched REN have seen the all-time high today. The price of SNX increased 40% this week and broke a record at $ 1.61 with a trend of 100% increase in the last 30 days. Both tokens have been on the rise since the end of March after the big market crash. On June 23, the price of REN reached $ 0.16, an increase of more than 400%. In addition, the decentralized asset management platform Swissborg's CHSB token is currently trading at around $ 0.14 and reached an all-time high of $ 0.16 on June 17. The reason for this increase is no secret that many DeFi tokens performed much better than Bitcoin in 2020. However, it is a fact that demand has increased with the introduction of COMP. DeFi projects are expected to scale properly since these tokens are running on the Ethereum main network and Ethereum 2.0 is expected to go through this year. While some believe that DeFi could rival the ICO boom in 2017, some people think it will end up as another ICO story.
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