After contemplating the DeFi sector and other cryptocurrencies we have come across a few facts that suggest DeFi related tokens are performing well in comparison to the digital assets.
Given that, the Decentralized industry has earned a higher spot in the financial world because of its impressive growth. As time goes by DeFi seems to become the new norm and the next big thing after cryptocurrencies.
The king of all cryptocurrencies known is Bitcoin (BTC) has been beaten by the DeFi tokens by a huge margin. The DeFi tokens are not done yet, they also surpass Chainlink’s performance.
Chainlink is the fifth cryptocurrency by market capitalization and its progress has been the subject of debate due to its unstoppable and unbeatable behavior.
Not all cryptocurrencies have performed badly, EOS is one of those as it showed some strength with intense gains. Although, it could not stand Ether (preferably known as an ERC20 Token).
Ripple starts losing credibility
As 2020 is about to end in few months, cryptocurrencies will be evaluated based on their performance. Apparently, 2020 is not the best year for Ripple as it has been the worst performer. Even after the crypto-market recovered most of their losses in the recent boom, XRP was moving slower than a snail.
Ripple, is among 5 weak performers on Binance, the Binance Q2 report reveals. As Ripple sinks below the expectations, its superiors are planning to step into the DeFi space in integration with Flare Network. With this strategy, the XRP team aims to provide exposure to the platform by bridging Ethereum and Ripple blockchain altogether.
Possible threat to DeFi sector
The significance of the DeFi sector peaked in 2020 leaving the top digital assets behind. While its hype gained the investor’s attention, some meme and clone projects came into action as well.
Sushiswap is one project that has taken a blow to the value with its developer selling all his tokens. This stance clearly shows that Sushiswap is not credible anymore. One of the main threats DeFi will face if profits turn back to Bitcoin due to the Ethereum blockchain.