Defi markets made minor gains over the weekend, with nearly $5 billion added to the total market capitalization. Unfortunately, the figure fell to $346 billion. This is down 13.5% from its 2020 peak, but still up more than 80% since the beginning of the year.
According to Crypto’s DeFi Returns tracker, 45 collective DeFi tokens tracked are up 745% since the beginning of the year. This also accounted for 240% increase in the last 90 days. However, shorter-term image highlights a major decline. For instance, the list of tokens collectively retracted by 8.5% in the last 30 days.
The best-performing DeFi token of 2020 was Aave’s LEND, posting a huge growth of 2,925% since the beginning of 2020. The LEND token is currently being migrated to AAVE tokens, which implies a 100-fold reduction in supply. The second best player of 2020 was YFI from Yearn Finance, posting an increase of 1,670% according to the tracker. However, YFI has suffered a 30% impact in the last seven days, bringing its share price below $20,000.
Other significant gains were also made by Loopring, Melon Protocol, Synthetix, Airswap, REN, UMA, Bancor, and Kyber Network this year. The best-performing DeFi token in the short term is Bancor’s BNT, which has jumped 20% in the last 24 hours to over $1.20.
However, not all DeFi tokens have had such a successful year. One of those crypto hard hits was the SUSHI, which lost more than 90% of its record level. The token of the bZx Network flash lending protocol also collapsed as a result of a number of hacks and security vulnerabilities. According to Data from DeFi Pulse, the total locked value on all DeFi platforms is close to its record high, hovering around $11 billion.
Also, TVL on DeFi platforms has gained 1,500%, reaching new milestones almost every week thanks to countless clones and incentives to yield farms. The best-performing protocol at the time of publication is Uniswap, with a market share of 21%. Similarly, there are now five DeFi platforms with more than a billion dollars on the list.