DeFi Tokens Shines In Turbulent Week
By Shubham Joshi
Decentralised Finance or DeFi is an umbrella term for peer-to-peer financial services on public blockchains, primarily Ethereum, which is an emerging model for organizing and enabling cryptocurrency-based transactions, exchanges and financial services.
In a week that witnessed bitcoin and Ether mostly tread water, a few known names in DeFi, posted double-digit gains.
This week’s DeFi and overall leader was Injective Protocol. Injective is a layer-one blockchain that is custom built to support interoperable DeFi applications. The layer 1 blockchain is designed to create decentralized financial applications, including lending protocols and exchanges. However, Injective Protocol is also the leader year to date, increasing 527% since January 2023.
Meanwhile, DeFi protocol Lido, a liquid staking solution for proof of stake chains like Ethereum and others also posted gains of over 15% in the past week. One of the key reasons for this gains can be attributed to increased daily activity on liquid staking platforms and rising interest in Ethereum staking.
Another Defi protocol known as Synapse, an interoperability protocol designed for safely and securely sending arbitrary data between blockchains also recorded gains of more than 10%.
PancakeSwap, also had a strong week, rising around 12%. Pancake swap is a token launched on BNB smart chain which enables the swapping of tokens and users can exchange LP tokens for other tokens. However, PancakeSwap’s recent announcement regarding new pool now available for PEPE yield farming created positive momentum in the market, analysts believe.
To sum up, DeFi took the top spot over the past seven days, gaining 2.57% overall. With a 3.4% decline over the same time period, the Digitization industry lagged behind.
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