Bitcoin is on the rise and suddenly some well-known Decentralized Finance (DeFi) coins are following suit. You can find out what happened in the DeFi-Market this week and how things will continue in the DeFi-Monitor.
Never before has so much money been deposited in a single DeFi protocol.
Bitcoin dwarfed DeFi in the past few weeks – is that changing now?
For many, the Bitcoin Lightning network is already dead. Still, Lightning Labs announced a new update this week. Through a peer-to-peer marketplace, users of the Lightning Network should be able to make their Bitcoin available for payment channels.
Overall, it appears that the total deposited capital in decentralized finance applications continues to grow. This makes it more likely that there will be more highs in the emerging DeFi sector soon.
The entire DeFi market seems to be regaining hope and it remains to be seen whether this development will mark a sustainable trend reversal.
In addition, the DeFi Pulse Index Token (DPI), which maps the eleven largest DeFi tokens as an index, has also increased significantly in recent days.
The US elections have euphorized the crypto market. The crypto reserve currency Bitcoin is chasing from one to the next annual high and the market for decentralized finance (DeFi) is gradually following suit.
The Aave lending project, the Synthetix derivative platform and Yearn.Finance also benefit from this sudden trend reversal.
This should make it possible, similar to Ethereum liquidity pools, to receive returns for the liquidity made available.
The largest decentralized exchange in the crypto world is also setting a new record. At the time of going to press, there was more than $ 3.08 billion in the Uniswap log:
New record at Uniswap
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But in the last few days the project seems to be gaining enormous momentum and at the time of going to press it had increased its share price by more than 35 percent in the last 24 hours.
Lightning Labs wants to create a DeFi alternative for Bitcoin
However, the service is still in the alpha phase and the inventors have already pointed out some risks that will only be resolved over time.
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The tokens UNI, MKR, SNX, AAVE, COMP, YFI, REN, LRC, KNC, BAL and REP are currently in the index, which can be used as an overall indicator for the DeFi sector.
Picture by Pixabay
During the recent rally, Bitcoin correlated mostly negatively with DeFi tokens. Only the UNI token from Uniswap defied the trend of the previous weeks and showed a slightly positive correlation to Bitcoin.
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