By Hidayat Sultanli
On Dec 15, 2020
After the price boom of cryptocurrencies, the DeFi field is getting heat up. Decentralized exchange SushiSwap and others perform well.
The cryptocurrency market is silent in recent days. Bitcoin has dips till 17k, and it reaches the 19k price level again. Ethereum tries to balance its price above $600, but it lags, and its value is $585 now. XRP is trying to get momentum to go back to the $0.60 price level, but it goes down instead. In the background, decentralized finance gains some progress. Let’s examine some of them.
SushiSwap emerges as a promising decentralized exchange. Yearn.Finance partnered with SushiSwap in early December, and they will do some excellent projects. SushiSwap surpassed Curve Finance in the total value locked (TVL). According to the DeFiPulse, SushiSwap reached $968.433 mln TVL on December 6, and Curve Finance roll down to 3rd place. The price of Sushi is increasing recently. It displayed a 20% increase in price in the 24 hours. The highest price during the is $2.7. Now the current price is $2.57. Sushi can add some value and reach the $3 level. Also, there is just a $300 mln difference in TVL between SushiSwap and Uniswap, and this difference can be narrow down to a minimal level.
Synthetix is the derivatives liquidity protocol, and it is the main actor in the derivatives market in DeFi. According to the DeFiPulse, Synthetix has the $840 mln TVL, which makes it the leader in the derivative field. According to TradingView, the price went up about 17% by 24 hours. The highest value was $5.51 in 24 hours. At the time of writing, its price was $5.25. If SNX breaks the resistance level at $5.40, then it can go up to $6.
Cryptocurrencies and DeFi work in cooperation which the progress in the former leads to growth in the latter. These are the product of the future and involved in one of them can bring some profit in the future.
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