DeFi Token Trading is Increasing
For the past several weeks, DeFi tokens MKR and COMP have seen greater gains than the overall market. Glassnode attributed this spike in demand to retail traders.
Analysts cite contradictory news, including the US Security and Exchange Commission’s recognition of 68 tokens as securities, the hype surrounding Bitcoin ETFs, and Ripple’s partial victory.
The DeFi asset index rose 56% in just two weeks, mainly because of Maker (MKR) and Compound (COMP).
Both projects experienced an increase in fundamental principles, with Robert Leshner’s announcement of his retirement and launching of an Ethereum fund at the Superstate company that specializes in investing in US Treasury securities, government agencies, and other government-backed instruments.
Meanwhile, MakerDAO activated its Smart Burn Engine, a service that is used to purchase MKR from Uniswap with extra DAI, causing the asset’s value to jump by 43%.
