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The rise of crypto assets in recent years has attracted institutional and retail investors, who seem to have flooded the fastest-growing financial asset class in modern time.
Many of these digital assets are currently breaking record highs in one way or another, and the rise of DeFi tokens has ballooned the crypto market capitalization to about $384 billion, according to data retrieved from Coingecko a crypto analytic ranking firm.
In addition, the advent of yield farming has seen cryptos like Compound’s COMP token double its price in the first week of trading.
Adebayo Juwon, an FTX consultant for Africa, spoke to Nairametrics in an exclusive interview, giving valuable insights on the rise of DeFi crypto. He said:
“Following the recent market movement in the crypto space, new traders might get too excited with gains, especially in the Xefi section. The YFI(s) are the bubbles of DeFi with crazy gains for holders, which of course is most likely to get blown off once the hype is over.”
He also spoke on Serum, a fast-growing DeFi asset, showing an impressive gain of over 3000% in less than 30 days.
“One can’t deny the impact DeFi has had in the crypto market recently, as some of them have solid backgrounds and real-time projects to prove for it. I’ll take Project Serum as an example and its native token SRM.
“Serum is the world’s first completely on-chain cryptocurrency ecosystem with trustless trading fully backed by FTX, built on Solana blockchain. SRM is the Serum ecosystem token.
“It is natively based on the Solana blockchain and also has an Ethereum (ERC20) version. This is a new product that went 3000%+ since IEO sale less than a month ago, while still growing solid. Crypto traders and investors may want to take a look at this one.”
Consequently, other leading DeFi cryptos that have outperformed the flagship crypto (Bitcoin), include Aave’s LEND, which has risen by almost 5,000% in 2020, and Yearn Finance’s YFI token, which has soared in terms of price value, presently trading at around $31,000.