Tokens Defi’s performance exceeded Bitcoin (BTC) and Memecoins.
In silence but at a firm pace, defi continues to develop.
The Decentralized Finance Sector (DEFI) led the cryptocurrency market in May with a 19% increase in the price of its tokens, exceeding 11% of Bitcoin (BTC).
This performance reflects a Capital rotation Towards innovative protocols and performance opportunities, according to a Binance report.
On-chain activity grew in parallelwith the total blocked value (TVL) in defi reaching 119,000 million dollarsthe highest level since February.
Among the tokens associated with the pioneer or more established decentralized protocols in the defi ecosystem, AAVE (AAVE), which showed remarkable growth, showed remarkable growth, going from $ 150 at the beginning of May to a peak of $ 275 At the end of the month, an increase of 71%.
UNISWAP (UNI) also rebounded, rising from a minimum of 4 dollars on May 7 to $ 7 at the end of the month, an increase of 63.16%.
For its part, Pancakeswap (Cake) grew 50%, from $ 1.90 at the beginning of May to a maximum of $ 2.85, and reached a significantly higher TVL peak than 6,300 million of dollars compared to 4.9 billion of Uniswap. This indicates that Pancakeswap attracted and retained more capital, establishing a difference of 1.4 billion dollars in TVL during this period.
A possible rebound of the Defi tokens is attributed to the growth of Ether (ETH), Cryptocurrency of Ethereum, in recent weeks. ETH showed an upward trend since the beginning of May, starting from a minimum of around $ 1,700 to peaks close to $ 2,700 at the end of Maywhich represents an approximate increase of 58%. The attribution of the increase in tokens defi to Ether’s performance is due to its dependence on the Ethereum Network, where most of the Defi protocols operate.
In contrast, The Gaming and Layer 2 (L2) sectors recorded losses, with gaming falling 5% and L2 7%even when Bitcoin reached a new historical maximum of $ 111,000. Other sectors with profits included Memecoins, which rose 9.3%, and Exchange tokens, with an increase of 7.9%, driven by a bullish feeling and greater trading activity, as seen in the following graph.
Other sectors with profits included Memecoins, which rose 9.3%, and Exchange tokens, with an increase of 7.9%, driven by a bullish feeling and greater trading activity.
In addition, artificial intelligence tokens (AI) won 4.7%, and real world assets (RWA) rose 3.6%, showing sustained interest. The stablecoins, with an increase of 2.2%, maintained their low volatility profile, and Its market value exceeded 250,000 million dollarsmarking 20 consecutive months of growth.
Despite the slightest enthusiasm compared to the 2020 boom, Defi continues its constant development, coming to overcome Bitcoin and Memecoins, which shows its relevance in the cryptocurrency ecosystem.
