Bitcoin’s price has been on a roller coaster over the last week. According to the moves of KuCoin’s BTC/USDT trading pair, Bitcoin fell to as low as $28,856 on January 22, and picked up to $33,814 within the following 24 hours. Over the same period, ETH fell to $1,040 before hitting an all-time high of $1,474. While leading cryptocurrencies like Bitcoin and Ethereum were up this past week, some DeFi tokens and altcoins were doing even better. Take the Pool-X native token POL as an example, the price of POL rose from $0.018 to $0.055, an increase of over 200% in the past 7 days.
With the DeFi market recovering, KuCoin Blog will talk about the 3 DeFi tokens you should keep tabs on this week, AAVE, UNI and CRV.
Aave is a decentralized finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity.
Last Wednesday, Aave co-founder Stani Kulechov posted on Twitter: “Should Aave have liquidity mining?” More than 50% voted “Yes” to support it. In addition, according to DeFi Pulse, the AAVE total locked value reached $388 million, which is second to Maker DAO. The price of AAVE reached ＄280.12, an all-time-high. This all contributed to the rising of the AAVE market cap where it ranks among the top 20 in the crypto world.
Trade AAVE and 200+ other altcoins on KuCoin.
Uniswap is a decentralized exchange protocol that is built on Ethereum to swap ERC20 tokens. It functions as an automated liquidity protocol, which implies that it does not follow the traditional “order book” model. It allows users to swap tokens and trade without any intermediaries, thus ensuring a high degree of decentralization.
As the world’s largest decentralized exchange, Uniswap trading volumes sharply raised recently. According to the data from Crypto Fees, Uniswap V2 has the second highest daily transaction fees, surpassing BTC. What’s more, the rising of price improved the UNI total market cap ranking to 12th, allowing it to gain more funding and liquidity.
Trade UNI and 200+ other altcoins on KuCoin.
Curve is a liquidity aggregation agreement. In other words, it is a decentralized exchange liquidity pool on Ethereum designed for extremely efficient stablecoin trading. Curve can provide a platform where users can easily exchange some Ethereum-based assets.
The total locked value of Curve sharply rose last week. On January 21, its locked value reached $2.3 billion, an increase by 37.79% within 24 hours. Driven by the DeFi market rally and the growing exchange demand for stablecoin, the price of CRV naturally appreciated.
Trade CRV and 200+ other altcoins on KuCoin.
Investing in cryptocurrency is akin to being a venture capital investor. The cryptocurrency market is available worldwide 24 x 7 for trading with no market close or open times. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology. KuCoin is not liable for investment gains or losses.
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