Another interesting day is in the books for all cryptocurrencies, tokens, and assets. As far as DeFi currencies are concerned, there are some strong gains to be found. Whether this trend will continue, is a different matter altogether.
INDEX (Index Cooperative)
While one has to commend the somewhat innovative approach by Index Coop, it is not necessarily a DeFi project per se. Even so, it is listed in this category on CoinGecko. The crypto index primitives platform has strong ties to decentralized finance, though. It is possible to buy and sell the DeFi Pulse index, for example, as of today. A strong development for the project, which may increase the overall price trend for its token.
In the past 24 hours. INDEX has noted a 31.9% gain. This is rather interesting, given how the project has a market cap of just under $2.4 million. There is a lot of room for growth, by the look of things, but there is no reason to get overly excited either. Those with a higher risk appetite may want to take notice.
Another DeFi protocol trying to make a name for itself goes by the name of StaFi. It uses the liquidity of staking assets to build synthetic reward-bearing and tradable tokens.There is a lot of liquidity where staked assets are concerned, yet it often can’t be tapped into. Solutions like these make it possible to explore different options.
Earlier today, the team confirmed there is a liquidity proposal for ETH 2.0 staking. That would certainly shake things up, and may explain the 30.4% increase in value. With a market cap of $6.67 million, it too is a fairly small cap right now. Competing with the more established projects will always be difficult.
Albeit it may not have the most marketing-friendly name, yAxis is trying to become a top DeFi yield aggregator for passive investors. A daunting task, as this segment is rather saturated. Even so, there is always room for new concepts and proposals, which may allow this project to thrive.
Judging by the market sentiment, there is some interest in YAX. A 21.9% gain for the day is fairly impressive, considering Bitcoin briefly surpassed $16,000. It is another low market cap coin, as it is valued at $9.828 million. Spreading the word may prove crucial to succeed in the competitive DeFi space.
There has been some interesting news regarding Switcheo as of late. A new round of funding has been completed, attracting attention from the likes of MXC Exchange. Whether this explains the current SWTH price jump of 12.4%, is difficult to determine. For a project that has been around for a while now, a market cap of $24.55 million seems rather low. There is still some work to be done.
This particular asset of the Synthetix ecosystem is noting some solid demand as of late. This has allowed its price to appreciate by 6.8%, and attain a market cap of $4.6 million. It is an asset-backed token, thus there may be a certain limit as to how high its value can go. Even so, it is flashing green across the board, which is always intriguing.