Decentralized Economy (DeFi) has taken a well-deserved break from the limelight over the past two months after being one of the hottest sectors in early 2021, but the recent rise of several major platforms may indicate that another DeFi operation is coming soon. future.
While projects running on the Ethereum (ETH) network continue to face sharp fluctuations in gas charges and transaction times, several projects launched on the Binance Smart Chain (BSC) have seen an increase in protocol activity and token prices in the past week.
XVS / USDT vs. CAKE / USDT vs. LINA / USDT 4-hour chart. Source: TradingView
Three projects at BSC that have increased volume, price and activity under the DeFi protocols are Venus (XVS), PancakeSwap (CAKE) and Linear Finance (LINA).
XVS / USDT
Venus is an algorithmic money market and a synthetic stable currency protocol that provides a DeFi lending and lending solution at BSC.
The project’s recent growth began to pick up around April 20 when a proposal was announced to add Dogecoin (DOGE) to the Venus money market.
After an initial increase and price drop on April 29, the project and price activity experienced a new boom following the announcement of Venus Reward Token (VRT) and Venus nonfungible token (NFT) tokens.
The Airdrop announcement, along with the listing of XVS on Crypto.com, helped raise the Venus price by 70% from $ 72 on April 29 to a record high of $ 124 on April 30.
XVS / USDT 4-hour chart. Source: TradingView
At the time of writing, the total cost of a Lockdown (TVL) on Venus is close to $ 10 billion.
Kake / usdt
PancakeSwap is a BSC-based automated trading platform (AMM), similar to Uniswap (UNI), which allows users to exchange tokens and receive a portion of the commission by increasing profitability.
TradingView data shows that the CAKE price has risen 102% over the past week, going from a low of $ 21.90 on April 23 to a new all-time high of $ 44.28 on April 30. , when token holders grab with the low fee, high-return protocol. …
4 hour CAKE / USDT scheduler. Source: TradingView
CAKE’s price movement has grown steadily in the last week since the launch of V2 Farms on April 23 and the successful completion of the token transfer on April 24.
Since the new liquidity pools were moved and launched, the value of TVL on PancakeSwap has grown to $ 9.873 billion dollars, making it the second DeFi protocol used by TVL.
Total locked cost on PancakeSwap. Source: Defistation
According to data from Cointelegraph Markets Pro, CAKE’s market conditions have been favorable for some time.
Exclusive to Cointelegraph, VORTECS is a mathematical comparison of historical and current market conditions derived from a number of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
Evaluation of VORTECS ™ (green) versus cake price. Source: Cointelegraph Markets Pro
As shown in the chart above, the CAKE VORTECS begynte result began to rally on April 24 and reached the top 7 approximately 14 hours before the price rose 62% over the next five days.