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Binance Weekly DeFi Roundup (2021-03-15)

2021-03-15 15:00
Last week (March 8 to 14), the crypto market resumed its bull run. Bitcoin has been steadily rising since March 5, climbing up for 7 consecutive trading days, and then breaking through the $60,000 mark on March 13 and reaching a record high of $61,844 shortly after. Bitcoin has risen more than 15% in a single week. At the same time, crypto sectors including DeFi and NFT have also risen.
Speaking of NFT, the artwork "Everydays: The First 5000 Days" by the famous crypto artist Beeple was sold at an auction price of US$69.34 million. As a result, leading NFT-related cryptocurrencies MANA and ENJ, recorded gains of 152% and 65%, respectively, last week.
Meanwhile in DeFi, the EIP-1559 proposal was finally included in the London hard fork for Ethereum, ushering in a new round of gains last week for the second-largest cryptocurrency. ETH rose 7% and stabilized above $1,800.
The following is a ranking list of DeFi cryptocurrencies from March 8 to 14, 2021.
Top 5 DeFi Cryptocurrencies
Price Change
This week's top DeFi performer: Holochain (HOT)
Holochain intends to become an "agent-centric" open source framework for building distributed peer-to-peer applications.
Holochain relies on two different levels, a global level built as a verification distributed hash table and a local level where each dApp or smart contract has its own database and verification rules, including the optional consensus mechanism. This means that Holochain contains a ‘chain’ in every application. The global level ensures data redundancy and availability, while acting as a bridge between dApps, declaring people who violate local verification rules.
On the other hand, Holo is a distributed peer-to-peer hosting platform for Holochain applications. Holo uses a variant of authorization certification called "Proof of Service,” in which the past behavior of various dApps is used as a benchmark for "authorization" or "providing services to Holo." Its purpose is to allow people to access dApps built on Holochain without having to run the Holochain engine by themselves. Therefore, Holo "is committed to hosting Airbnb's services to hotels through the web: anyone can become a host by turning a computer into a source of income, and earn income through HoloFuel to host distributed applications."
Approximately 133 billion HOT tokens (based on the ERC-20 standard) can be exchanged for HoloFuel (HOLO) at a 1:1 ratio, but there is no need to burn them. The purpose of HOT is to act as a bridge between HOLO and other encrypted assets. HoloFuel is a currency based on Holochain, which represents contractual service obligations and can be redeemed for escrow.
What is DeFi?
For the crypto market, the main topic in the first half of 2020 is undoubtedly Bitcoin halving. However, after the halving, Bitcoin did not usher in a bull market as expected; on the contrary, DeFi's unexpected popularity ignited the crypto market’s enthusiasm.
DeFi, short for Decentralized Finance, refers to various financial applications built on an open decentralized network. The goal is to establish a multi-level financial system by recreating and improving the existing financial systems using blockchain technology and cryptocurrency.
Currently, applications of DeFi include lending, stablecoins, decentralized exchanges, payments, and derivatives and prediction markets, among others. These DeFi projects have increased in popularity, and many of their project tokens have increased in value by more than 10x.
Binance News provides its users with a weekly roundup of DeFi tokens’ prices to help users keep abreast of the DeFi currencies with the highest increase in the past week. Statistics are as of midnight every Sunday. In addition, Binance will also provide weekly quotes and brief introductions for the currency with the highest gains for users' reference.
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