DeFi tokens have presented great potential so far in 2020, greatly outperforming leading cryptocurrencies like Bitcoin. Enthusiasm for DeFi tokens has given a significant lift by the introduction of Compound token, which surged almost 500% a week ago.
Recently. Balancer Labs has distributed its Balancer token (BAL) on the Ethereum mainnet. Balancer’s decentralized finance token followed excitement generated by the distribution of COMP token, and made tremendous gains. After the launch, Uniswap and Balancer opened up for BAL token for trading.
In just a day of trading, BAL price bounced from $7 to $22. Currently, BAL is trading at $20.
DeFi Tokens Reach New Heights
CoinMarketCap analysis shows that Ren (REN), Synthetix (SNX), and Aave (LEND) had also marked substantial growth.
Aave token price has surged roughly 3,900%. After trading close to $0.01 for a year, LEND price initially rallied to $0.05 in May, then jumped to $0.16 on June 21.
However, the newly launched Balancer has quickly become one of the most expensive networks in the space. BAL token value has grown over 220% since its deployment on the Ethereum mainnet.
DeFiMarketCap recently listed Balancer and Compound on its website. After recent value growth following their token distributions, both DeFi tokens have spotted the top positions.
According to DeFiMarketCap analysis, DeFi tokens had recently crossed the $2 billion target just a couple of weeks ago, but the recent Defi token growth had pushed the total DeFi market cap above $7 billion.