DeFi Tokens Show Resilience Amid Bearish Trend
- The Crypto market experienced volatility amidst SEC turmoil impacting investor confidence.
- Some DeFi tokens surged despite the challenges highlighting market resilience.
Last week was quite a rollercoaster ride for the crypto market amidst the SEC’s never-ending turmoil. It had a significant impact on the overall market, and surges in crypto gains became rare. Investors have been on high alert ever since the allegations. The DeFi market is no exception.
The current DeFi crypto market cap is $42.93B, reflecting a 27.71% decrease over the last day. Despite the ongoing crypto storm, a few low market-cap DeFi tokens experienced a maximum surge of 11.46% today.
Here are the top five DeFi tokens that managed to increase:
- Secret
- Idex
- Raydium
- Marlin
- C.R.E.A.M Finance
Secret
Secret is a privacy-oriented DeFi blockchain built on Cosmos. Its smart contracts, called Secret Contracts, enable DApps to utilize private data on the Secret network, similar to how smart contracts function on other blockchains.
According to Coinmarketcap, SCRT is priced at $0.3548, with a 24-hour trading volume of $1,880,111. It has seen an 11.46% increase in the last 24 hours.
It stands out for its emphasis on privacy and end-to-end data encryption, allowing developers to build solutions that safeguard data privacy without sacrificing usability.
Idex
Idex claims to be the first hybrid liquidity DEX, combining an order book model with an automated market maker. It takes an innovative approach to decentralized DeFi exchanges by blending an off-chain trading engine with an on-chain trade settlement.
Coinmarketcap reports that IDEX has a current price of $0.06898, with a 24-hour trading volume of $9,518,123.It has witnessed an 8.29% increase in the last 24 hours.
Raydium
Raydium is an automated market maker (AMM) and liquidity provider built on the Solana blockchain for the Serum decentralized exchange (DEX). It offers on-chain liquidity to a central limit order book, converting deposited funds into limit orders on Serum’s order books.
According to Coinmarketcap, Raydium is priced at $0.1997, with a 24-hour trading volume of $4,401,809. It has observed a 4.81% increase in the last 24 hours.
Marlin
Marlin is an open protocol that provides high-performance programmable network infrastructure for DeFi and Web 3.0. Metanodes operate the MarlinVM, which offers a virtual router interface for developers to deploy customized overlays and conduct edge computations.
According to Coinmarketcap, Marlin is priced at $0.007977, with a 24-hour trading volume of $2,620,085. It has shown a 4.25% increase in the last 24 hours.
Cream Finance
C.R.E.A.M. Finance is a decentralized DeFi lending protocol catering to individuals, institutions, and protocols seeking access to financial services. Part of the yearn finance ecosystem, It is a permissionless, open-source, and blockchain-agnostic protocol serving users on Ethereum, Binance Smart Chain, Polygon, and Fantom.
Coinmarketcap states that Cream Finance has a current price of $22.53, with a 24-hour trading volume of $1,652,860.It has experienced a 2.50% increase in the last 24 hours.
In the end note, last week’s volatility in the crypto market, compounded by the SEC turmoil, made significant gains rare. However, amidst the storm, certain low market-cap DeFi tokens managed to surge. However, It’s important to note that the prices mentioned are based on the author’s writing time and are subject to change.
Read more: https://thenewscrypto.com/defi-tokens-show-resilience-amid-bearish-trend/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
