DeFi tokens are drawing the attention that may be migrating from Bitcoin. In this article, there are details of what is happening with three of them.
The tokens of the DeFi segment have appreciated surprisingly due to the quite strong growth of that market. The prices of cryptocurrencies/tokens of decentralized finance are the ones that have increased the most in recent days.
Currently, there is a great boom in projects like UMA, 0X, PancakeSwap, Nexo, and Maker. That has caused the prices of their native tokens to increase by at least 80%.
With 175% Earnings, UMA Is the Most Prominent DeFi Token
With surprising earnings, UMA has recently been the most prominent among DeFi tokens and crypto assets in general. This is the native token of a decentralized protocol to create synthetic assets on the Ethereum blockchain.
UMA has taken a huge jump of 175.04% in the last seven days, reaching an all-time high of almost USD 44. On the first day, the token was trading at just USD 12.
At the time of writing this article, UMA is pulling back strongly, trading at USD 29.24. The drop in recent hours has been negative, but it is just a normal healthy correction. It could help pick up demand to start a new momentum.
Another of the Benefited Tokens is ZRX
ZRX is the native token of the DeFi 0X platform, which allows the exchange of ERC20 tokens and other crypto assets. This occurs on the Ethereum chain without the need to rely on intermediaries.
This is the second DeFi token whose price has risen the most in the last seven days, accumulating a gain of 135.11%. Similar to UMA, this token has been pulling back in the last few hours.
The price of ZRX had previously reached an all-time high of USD 2.10 on the ProBit exchange. However, at the time of writing this article, the price of ZRX is USD 1.44.
The pullback is just healthy profit-taking after taking such a steep upward jump. Sooner or later, if nothing extraordinary happens, new momentum will start to build for ZRX.
“Little” CAKE Also Begins to Gain Ground
Among the crypto assets whose price has grown the most in the last seven days, the PancakeSwap token has managed to penetrate. The PancakeSwap platform is a decentralized exchange for BEP20 tokens that run on the Binance Smart Chain.
CAKE’s market capitalization is USD 341 million, while UMA’s is USD 1,600 million and ZRX’s is USD 1,067.
However, CAKE is already among the 100 largest crypto assets in the ecosystem. As long as its price continues to rise, it could soon reach that of other more relevant DeFi tokens by market capitalization.
This token has jumped by 102.4% in the last seven days, which has led it to currently trading at USD 3.15.
There has been a strong uptrend and a pullback that seems to be over. For that reason, CAKE should continue to make a profit in the next hours/days.
By Alexander Salazar
