The considerable uptick in demand follows a trend that we have seen with DEXs throughout 2020: trading volumes have been consistently higher this year when compared with the last.
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DeFi tokens have taken off, fueled by a rapidly growing lending business and liquidity rewards (Photo: SpaceX/Wikimedia)Crypto Must-Reads for June 24, 2020
These are the crypto stories you should be following now: Expect Bitcoin price volatility with huge Friday options expiration; Historically, economic uncertainty should reconnect Bitcoin’s price with the stock market, and that’s not good news; DeFi lending platform Compound’s COMP tokens “crash” to a mere 250% gain in 10 days; DeFi portfolio manager Balancer’s governance tokens follows Compound’s soaring prices; Analysts’ strategies for “yield farming” DeFi liquidity rewards.
Bitcoin has had an acceptable run in June, generally staying above $9,300 but rejecting $10,000 (except for a quick spike on June 1), according to CoinGecko. That may well change today, as the IMF’s June outlook is expected to be bad, pushing broader economic uncertainty higher. That generally means BTC volatility, but in which direction remains to be seen. Meanwhile, the prices of decentralized finance tokens are soaring. Newcomers Compound, a decentralized finance lender, and Balancer, an automated portfolio balancing platform, have been racking up huge gains in just the past 10 days. As these DeFi platforms woo liquidity providers with token rewards, “yield farming” can bring two revenue streams…
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Compound interest values DeFi lending platform above MakerDAO
In the space of just a few short days, Compound has leapfrogged MakerDAO in locked value and in its governance token’s market cap
Sputtering MakerDAO is no longer the world’s largest decentralized finance protocol after being overtaken by Compound, figures from DeFi Pulse show.
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RenVM seeks to bridge the gap between Bitcoin and Ethereum, with more cryptocurrencies to come (Photo: PXfuel).RenVM bridges Bitcoin, Ethereum blockchains
Ren says its ultimate goal is to connect ‘any imaginable pair of blockchain-based tokens’—telling Modern Consensus this could start happening within months
An open decentralized finance protocol has launched its core product today: RenVM bridges blockchains, enabling Bitcoin, Bitcoin Cash, and Zcash to be brought to the Ethereum blockchain.
