Hype courses can work wonders with token pricing and social media, but they also put increased pressure on developers to launch an effective product that emphasizes increased market value.
With innate tokens in the spotlight over the past six weeks, the decentralized financial sector (DeFi) has been distracted from the limelight as developers optimize their protocols and search for compatible alternatives to the Ethereum network.
CoinGecko data shows that Total Locked Value (TVL) across all DeFi platforms has grown steadily since withdrawing at the end of February, with TVL for the entire DeFi sector now full-time at $ 74 billion.
A closer look at the protocol entry reveals that some of the biggest developments in the past seven days have come from the protocols running on Binance Smart Chain (BSC). BSC has become one of the main competitors for the Ethereum Network (ETH) thanks to its lower fees, features across the chain, and connectivity to the entire Binance ecosystem.
In PancakeSwap (CAKE) and Venus (XVS), TVL rose more than 30% in the past week, while THORChain (RUNE) and Alpha Finance (ALPHA) increased 61% and 47%, respectively.
Notable benefits from Ethereum-based ventures include a 26% increase in TVL for AAVE and Balancer (BAL), while the recently launched Vesper Protocol (VSP) quickly raked in $ 1.64 billion in the past six weeks, reflecting the previous 35%. . seven days.
DeFi tokens are on the rise
Along with the increase in TVL, the symbolic value of several leading protocols soared, as seasoned traders gained them during February’s lows, while mainstream news and cryptocurrencies covered the daily reports of the latest record-breaking NFT sales.
CoinGecko data shows that the total market capitalization of all DeFi tokens has also surpassed the previous highs recorded in February, and is now at $ 98.4 billion as institutional money continues to flow into Bitcoin (BTC) and the wider cryptocurrency sector.
THORChain once again tops the list of biggest profits in the past seven days, with the price up 88% to a new full-time $ 8.89, while JUST (JST) and Akropolis (AKRO) are up 57% and are currently trading at $ 0.129. And $ 0.076. Straight.
Bitcoin (BTC) is now looking at the $ 60,000 level again, Ether is trading at around $ 2000, and is getting calls from many in the industry about an impending price increase, as mentioned in the following tweet from Real Vision Group CEO Raul Pal:
Now that the NFT man has calmed down, traders will be looking for the next sector to succumb to the hype cycle, and DeFi appears ready to see another rally with token, transaction and TVL prices soaring again.