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Binance Weekly DeFi Roundup (2021-04-19)

2021-04-19 15:00
Last week (April 12 - 18), the crypto market rose in the weekdays, then fell in the weekend. The mainstream cryptocurrencies all recorded impressive gains at the beginning of the week. According to data from Binance, the price of Bitcoin hit a record high of $64,854 on Wednesday. On Thursday, Ethereum also hit a new high of $2,548.29. Other cryptocurrencies also rose more and fell less, and the market continued its slow bullish trend in the previous few weeks.
However, as Coinbase finally completed its listing in the stock markets, the crypto market started a round of correction when the good news was exhausted, and the rapid decline on Sunday erased the gains in recent weeks.
Analysts believe that the listing of Coinbase was the catalyst for the continuous rise of cryptocurrencies. However, after that, profit-taking has led to increased market selling pressure, which suppressed prices in the short term. At the same time, India has also imposed strict regulations on cryptocurrencies. Given these instances, the sharp drop on Sunday has cleared the potential market risks in one go.
On Monday, the crypto market ushered in a rebound. Bitcoin found strong support near $55,000, and major cryptocurrencies were regaining lost ground. As the news fades, the market is getting back on track in an orderly manner.
In terms of DeFi, despite the overall correction of the crypto market, there are still many altcoins rising against the trend. MKR led DeFi tokens with a 42.9% increase. The following is a ranking list of DeFi cryptocurrencies from April 12 to 18, 2021.
Top 5 DeFi Cryptocurrencies
Price Change
This week's top DeFi performer: MakerDAO (MKR)
MakerDAO is a decentralized stablecoin platform on Ethereum.
Users who pledge MKR tokens can make adjustments to the network settings by voting, including stable fee rates, over-collateralization ratios, and types of mortgageable assets.
Users can obtain DAI stablecoins by collateralizing established digital assets.
The MakerDAO platform has established a series of stabilization mechanisms to make the market price of DAI fluctuate around $1.
When users redeem their mortgaged assets in the Vault contract, they will be required to pay the corresponding stability fee, which is used to buy back MKR tokens from the secondary market for destruction.
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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