Three the reason why DeFiChain (DFI) worth has gained 60% in December
Decentralized Finance (DeFi) provides one of the most widespread use cases for distributed ledger technology and is one of the primary avenues for the wider adoption of blockchain technology today.
Last week, when the broader crypto market corrected and Bitcoin (BTC) fell 22%, DeFiChain (DFI) bucked the trend, rising 76% to hit a new high of $ 5.70 on December 6th than his 24-hour trading volume rose from an average of $ 3.6 million to $ 24.3 million.
DFI / USDT 4 hour chart. Source: TradingView
Three reasons for the price breakout for DFI are the introduction of decentralized assets on the DFI mainnet, an increase in transactions and users on the network, and an increase in the total value tied to the protocol.
Traders are amassing decentralized stocks and cryptocurrencies
The biggest source of impetus for DFI in recent weeks has been the introduction of decentralized assets on the DeFiChain network and staking options for holders.
Platform users now have access to multiple pools that include large-cap cryptocurrencies like Bitcoin and Ether, as well as synthetic versions of popular stocks and indices, including pairs for Tesla (TSLA), Apple (APPL) and the S&P 500 (SPY.). ). In addition to the exposure to these assets, the stakers also benefit from the above-average returns available on the platform.
DeFiChain DEX pool pairs. Source: DeFi-Scan
Other D-Asset options available to users include Gold (GLD), Silver (SLV), the ARK Innovation ETF (ARKK), and the iShares 20+ Year Treasury Bond ETF (TLT).
Transaction volume by leaps and bounds
Another reason for DFI’s strong performance was an increase in transactions on the network after decentralized assets were released.
Daily DeFiChain transaction counting. Source: DeFiChain Analytics
The surge in network activity is largely due to the new use cases made possible by the adoption of decentralized assets, including asset creation, liquidity mining, and arbitrage trading.
The additional features have also helped attract new users to the DFiChain ecosystem, with the number of unique wallets using DFI hitting a new record high of 42,555 on December 8th.
Unique addresses with DFI. Source: DeFiChain Analytics
Related: Nasdaq provides price feeds for tokenized stock trades on DeFiChain
The total locked value reaches a new all-time high
DFI has also seen a steady increase in the total value of the DeFiChain Protocol, which, according to Defi Llama, is now at an all-time high of $ 1.83 billion.
Total value locked on DeFiChain. Source: Defi Lama
The locked-in increase in value coincides with the introduction of decentralized assets on the network, and it is clear that users were rushing to deposit funds to gain access to the high-yield opportunities available to liquidity providers.
Aside from the staking features offered on the DeFiChain DEX, larger DFI holders with at least 20,000 DFI also have the option to block their DFI tokens in order to operate a masternode on the network and earn rewards when they join The blockchain helps to check transactions and their security.
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