The decentralized finance (DeFi) sector has stagnated after a rapid entry into 2021, but is now gaining momentum again.
While projects operating on the Ethereum (ETH) network struggled with high gas fees and long transaction times, some projects operating on the Binance Smart Chain (BSC) have increased.
The three major projects in BSC, Venus (XVS), PancakeSwap (CAKE), and Linear Finance (LINA) DeFi protocols, saw a strong rise in transaction volumes, prices and number of transfers.
XVS / USDT
The Venus protocol is defined as an algorithmic money market and synthetic stablecoin protocol that provides a lending and receiving solution running on BSC.
Dogecoin (DOGE) will be added to Venus money market rumor made a significant increase in price possible.
Following the initial price hike and retracement, there was another surge on April 29, when the Venus Reward Token (VRT) and Venus non-fungible token (NFT) airdrops were announced.
Read all the details below:https://t.co/kwlVTrwJ47
– Venus (@VenusProtocol) April 28, 2021
With the listing of XVS on the Crypto.com exchange, there was a 70 percent rally in Venus price, which increased from $ 72 to $ 124.
At the time of preparation for the news broadcast, the total asset locked in the Venus protocol (TVL) was approaching $ 10 billion.
PancakeSwap; A BSC-based automated market maker (AMM) similar to Uniswap (UNI). It allows users to exchange tokens and earn earnings through yield farming.
CAKE has increased 102 percent last week, according to data from TradingView. It increased from $ 21.90 on April 23 to $ 44.28 on April 30.
The CAKE price has seen a steady increase following the launch of the V2 farm infrastructure on April 23 and the successful completion of the token migration on April 24.
The total assets locked on PancakeSwap have risen to $ 9,873 billion since the new liquidity pools were moved and launched, and the protocol climbed to second place in the DeFi ranking.
LINEN / USDT
Linear Finance (LINA); A decentralized protocol that enables the creation of synthetic assets representing traditional assets that can be traded on commodity, forex and various market indices on its own exchange.
According to data from TradingView, the price of LINA rose 70 percent last week, from $ 0.069 on April 23 to $ 0.1164 on April 30.
The latest move of the project is thanks to the Moonbeam Network, which calls itself “the easiest way to Polkadot” thanks to the Ethereum-compatible smart contracts on the Polkadot parachain. happened.
Cross-chain interoperability is one of the main themes of the 2021 bull market. Therefore, the idea of running LINA on Polkadot, BSC and Ethereum networks was reflected positively in the price.
As individual and institutional investors participating in the cryptocurrency ecosystem continue to grow the pool, DeFi protocols on BSC allow them to see significant gains thanks to low fees and high return opportunities.
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