Bitcoin runs crypto markets, but DeFi tokens don’t follow its lead
Cointelegraph
Published Oct 10, 2020 07:30AM ET
Updated Oct 10, 2020 03:20PM ET
Decentralized exchanges have been around for a while now, but it’s only been since the grip of decentralized finance mania has taken hold that they’ve come into their own. The growth in DEX use has been nothing short of exponential, with volumes pretty much doubling in August and September compared with the preceding months.
But is volume alone telling the whole story? Amid the DeFi frenzy, some of the biggest winners have been DeFi governance tokens. Kicking off with Compound’s COMP token in June, other projects that followed suit have seen similar patterns. Yam Finance’s YAM, SushSwap’s SUSHI and BurgerSwap’s BURGER have all seen massive popularity at launch, only for their price to start dropping once the initial hype dies off.
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Written By: Cointelegraph
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