Is The Future Extremely Bullish For Defi?
Many Decentralized Finance (DeFi) Token holders have made a fortune in the past week. Several projects skyrocketed, and price growth rate even surpassed Bitcoin (BTC) and Ethereum (ETH). In addition, Chainlink announced a partnership with PayPal Partner Paxos.
The DeFi sector knows no more holding, and several tokens were able to grow strongly this week. The top performers included SushiSwap (SUSHI), Synthetix Network (SNX), Maker (MKR), Ren (Ren), Link (LINK), and AAVE (AAVE).
Each of these tokens has increased by more than 50 percent over the past seven days, with SushiSwap leading the sector with 100 percent price growth.
The” ETF Token “ DPI also recorded a price increase of 20.54 percent this week alone. DPI summarizes 10 largest DeFi projects in one Token. Investors primarily use DPI to invest in Decentralized Finance in a diversified manner.
SNX, MKR, AAVE, and RENm, in particular, have pulled the DPI rate up this week. At the moment, the” ETF Token “ is at a new all-time high of 204.66 US dollars. A lot has already happened in the DeFi sector in the past week.
What were the most important News of the last week? SushiSwap Publishes New Roadmap
The decentralized exchange SushiSwap has repeatedly been in the headlines. After the founder of DEX sold all his SUSHI tokens in September 2020, many declared UniSwap’s Fork a failure. However, SushiSwap has now become one of the largest DeFi protocols in crypto-Space, with a trading volume of more than $ 100 million on its platform almost every day. Although sushi swap was initially a copy of UniSwap, surprised Uniswap with new innovations.
A new Roadmap for the year 2021 reveals where Sushi journey will go in the coming months.
Our roadmap for the next year : https://t.co/dFYAMpv0rG
- SushiChef (@SushiSwap) January 9, 2021
Notable Updates coming this year include Theiswap, the launch of BentoBox, governance changes, a scaling solution, and cross-chain Integration through a collaboration with Polkadot. The main purpose of the Updates is to gain even more DeFi users and especially liquidity for SushiSwap. Deriswap represents an Upgrade of the entire DEX, the team of sushi swap together with Yearn.Finance works on it. Also, with the launch of BentoBox, it should be possible to trade any leverage ERC-20 Tokens on SushiSwap.
Chainlink Collaborates With PayPal Partner
On January 14, Chainlink announced on Twitter that it is working with Paxos. In Detail, Paxos intends to use Chainlink’s Oracle network to advance the adoption of its Stable Coins Paxos Standard (PAX) and gold-backed Token PAX Gold (PAXG) in the DeFi sector.
Through the Integration, it is possible that DeFi Smart Contract can interact directly with the tokens of Paxos. This is because Chainlink allows DeFi protocols to easily verify On-Chain data. So you can make sure that Paxos tokens are actually covered one-to-one with US dollars or Gold.
Why This Is Extremely Bullish For The DeFi Sector
This news could be extremely bullish for decentralized finance. Since Paxos, along with PayPal, received the first digital currency license from the New York State Department of Financial Services, it is considered a company that follows the highest regulatory Standards in crypto-Space. In addition, according to a press release, Paxos always wants to support innovations in the financial world.
To ensure that customers such as Paypal and Revolut remain at the forefront of financial innovation, Paxos is constantly researching and developing better ways to drive the adoption of financial innovation. As one of the fastest-growing sectors of finance, the DeFi sector is an exciting option for growth.
In the near future, it might be possible for PayPal to integrate DeFi applications directly into PayPal together with Paxos. Should this happen, the DeFi sector would succeed in penetrating into the Mainstream of the financial world in the near future. Paxos press release strongly suggests that the cooperation with Chainlink is just the beginning of a major expansion into the DeFi sector.
Originally published at https://thecryptobasic.com on January 18, 2021.