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In the recent market adjustments, decentralized finance (DeFi) tokens have experienced a sharp fall, but their earnings performance so far this year still leads the entire cryptocurrency market.
The cryptocurrency market achieved small growth over the weekend, and the total market value increased by nearly $5 billion. The figure has returned to the level of US$346 billion, which is 13.5% lower than the 2020 high, but it has increased by more than 80% since the beginning of the year.
DeFi tokens will earn huge profits in 2020
According to Messari Crypto’s DeFi Return tracker, the 45 DeFi tokens tracked have risen by 745% since the beginning of the year, and have risen by 240% in the past 90 days. The short-term situation highlights the price correction, and the token list has collectively shrunk by 8.5% in the past 30 days.
The tracking website estimates that the market value of DeFi tokens is approximately $5.3 billion, which is only 1.5% of the total market value of all crypto assets.
The best-performing DeFi token in 2020 is Aave’s LEND, which has earned 2,925% since the beginning of 2020. LEND tokens are currently being migrated to AAVE tokens, which will reduce its supply by approximately 100 times.
According to tracker data, the second-best performer in 2020 is Yearn Finance’s YFI, with a revenue of 1,670%. YFI has suffered a 30% plunge in the past 7 days, and the price has fallen below $20,000.
Despite the current price revisions, Loopring, Melon Protocol, Synthetix, Airswap, REN, UMA, Bancor and Kyber Network have also made other major achievements this year. The best performing DeFi token in the short term is Bancor’s BNT, which has surged 20% in the past 24 hours to reach $1.20.
Not all DeFi tokens have experienced such a prosperous year, and SUSHI is one of the encrypted “lemons”, which has fallen by more than 90% from the highest point in history. The local tokens of the lightning lending protocol bZx Network also plummeted after a large number of hacking and security attacks.
The total locked value is at the highest level in history
According to data from DeFi Pulse, the total value locked by all DeFi platforms is close to its highest level in history, hovering at around $11 billion.
Since the beginning of this year, thanks to the support of countless clones and new liquidity mining incentives, the TVL of the entire DeFi platform has increased by 1,500% almost every week, reaching a new milestone.
As of press time, the best performing agreement is Uniswap, with a TVL of US$2.3 billion and a 21% market share. It is worth noting that there are now five DeFi platforms with a locked-in value of more than one billion dollars.