19 September 2021
In the last few days, numerous tokens among the top Decentralized Finance (DeFi) protocols, including Curve, Aave, and SushiSwap, posted gains of more than 10%.
Presently, the DeFi sector is touching a new high in the Crypto industry, which offers several traditional financial services, like lending and borrowing, by removing centralized intermediaries, like banks or brokers.
DeFi Llama is a dashboard that shows the total value locked across the entire sector, which indicates a total of $182 billion at press time. Different from DeFi Pulse, DeFi Llama doesn’t confine itself to a recording DeFi activity on Ethereum.
Although Curve, Aave, and SushiSwap posted double gains, the reason behind their gains remains different. Curve, a decentralized exchange (DEX) optimized for like-valued assets such as Stablecoins, is launched on a layer-2 scaling solution for Ethereum, Arbitum. Apart from settling individual trades on ETH’s mainnet, Curves, operations are batched and settled periodically by reducing congestion and the cost of transactions.
However, to boost the usage of Curve’s initiative, the developer team has rolled out two liquidity pools, doling out high yields. The first pool, dubbed as “TriCrypto,” offers a whopping 272% yield for users who add one among three assets: Tether (USDT), Wrapped Bitcoin (WBTC), or Wrapped Ethereum (WETH). Whereas, the second pool is named “2pool” which offers a 6.5% of yield for clients who deposit either USD Coin or tether.
Nevertheless, to determine whether additional bonus tokens will be given to users who join either pool, there are polls within the Curve decentralized autonomous organization (DAO). In addition, Curve’s native governance token, CRV tokens, would be given on top of the base yield on Curve. These developments are said to put up an 18% rise in CRV in the past 24 hours.
The popular decentralized exchange that allows users to trade, lend, and borrow, SushiSwap, has also joined Arbitrum. Moreover, it is one of the most richly integrated projects in DeFi, with operations on Avalanche, Celo, Polygon, Fantom, Binance Smart Chain, and many others platforms.
The recent spike in SushiSwap’s native token was 15% however, it is attributed to a non-fungible token (NFT) sale on its token-launching platform, Miso.
Coming to Aave, the Crypto lending and borrowing protocol, social media, and the platform’s newsletter have been buzzing with news of a soon-to-be-launched project titled “[REDACTED] protocol” by the Aave team. Moreover, the co-founder and the team members of Aave have hinted that the project will relate to monetizing users’ social media activity.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.