July 23, 2024
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DeFi Token Leverages LEND, SNX Market Cap

DeFi is making significant growth in the market in the recent times. The primary reason behind it is the Bitcoin price volatility hitting a all-time low in the past three years.

Incidentally the situation has seen the Aave (LEND) and Synthetix Network (SNX) surge past MakerDAO’s (MKR) token as it reached to $0.375 and $4.09 respectively.

In the recent times, MKR has risen above LEND while SNX and Compound (COMP) are placed on the 28th spot. They have a market capitalization of $453 million.

LEND has particularly been on a surge with the recent times seeing it surging above MKR. DeFi sector continues to grow, governance tokens have been some of the best performing tokens of 2020. For some investors, they view this as an incentive or a long-term bet on the success of the DeFi sector.

“Aave will also be making credit delegation possible, where party A can delegate their credit line to party B, who can borrow against it. This will all be made possible by a legal agreement via OpenLaw. For example, a credit delegator could be a party that wants to build up more credit, and a borrower could be a business, NGO, government, institution, etc,” Aave CEO Stani told Cointelegraph.

DeFi space continues to boom and produce gains remescient of the initial coin offering (ICO) craze in 2017.