DeFi full frenzy: Token courses explode and uniswap comes under pressure
The DeFi market is on the rise and many token courses only know one direction. In addition, Uniswap is losing more than a billion US dollars in liquidity and the beneficiaries are called Sushiswap and Bancor – What happened and how does the DeFi madness continue?
After the DeFi sector has already made a U-turn last week over Bitcoin Profit and some tokens have recorded enormous price increases, there seems to be no end in sight to the rise at the moment. This week, the young sector’s main drivers are Sushiswap (SUSHI), YearnFinance (YFI), Curve (CRV) and Bancor (BNT).
In addition, the total capital deposited in Decentralized Finance Protocols has remained constant at over $13 billion.
In addition, the DeFi Pulse Index (DPI), which tracks the 11 largest DeFi projects, developed positively. The DPI token increased by a whopping 24.91 percent and currently stands at 102.41 US dollars.
DeFi Pulse IndexTokenSets.com: DPI Price
YearnFinance (YFI), Aave (AAVE) and Synthetix (SNX) in particular can be held responsible for the rise in the index. These three tokens were instrumental in driving the DeFi index further up this week.
Sushiswap and Bancor benefit from Exodus at Uniswap
Uniswap, the largest decentralised exchange (DEX), completed its liquidity mining programme on 17 November. This ended one of the main incentives for users to provide liquidity on Uniswap. This is because investors no longer receive UNI tokens for providing liquidity. As a result, more than $1.7 billion was migrated from the crypto-space’s largest DeFi protocol at the time.
The massive outflow of liquidity resulted in the rival DEX protocols Sushiswap and Bancor benefiting enormously. Although Uniswap is still able to maintain its position at the top of the DeFi-DEX projects, it lost more than 50 percent of its total liquidity in the last few days.