• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
DeFi
Nexo Logo

Ethereum Based DeFi Coins Are Outperforming Bitcoin in 2020: Here’s Why

Priyeshu Garg by Priyeshu Garg
2 years ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Viewed as a sector, decentralized finance (DeFi) has shown a much better performance than the broader crypto market. Data has shown that major DeFi projects such as the Kyber Network, Loopring, Aave, and Republic Protocol have all shown significant returns between 165% and 300% this year, vastly outperforming major players such as Bitcoin and Ethereum.

Strong Winners in Ethereum DeFi This Year

While decentralized finance has long been touted as the true driving force of change in the crypto industry, the abundance of projects made it extremely hard to track it as a single sector. 

However, data has shown that not only is DeFi as a whole thriving but that the projects built to facilitate decentralized finance have been the best performers this year. 

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

When it comes to year-to-date performance, the absolute leader in returns is liquidity provider Kyber Network, with data from CoinCodex showing its KNC token increased in value almost 313% this year.

LEND, the native token of the Aave platform, increased by 287% since the beginning of the year, while Loopring’s LRC saw its value jump 265%. 

These coins have benefited from a parabolic explosion in the number of DeFi users, something that has been observed by crypto investor Spencer Noon.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Graph showing the YTD returns for Kyber Network (KNC), Loopring (LRC), and Aave (LEND)
Graph showing the YTD returns for Kyber Network (KNC), Loopring (LRC), and Aave (LEND). (Source: CoinCodex)

Outperforming BTC and ETH Might Bring More Investments to DeFi

Decentralized dark pool exchange Republic Protocol was also among the top performers in the DeFi sector, showing returns of over 171% since the beginning of the year. Smart contract platform Bancor Network saw its BNT token grow 196% this year, data from CoinGecko has shown, while GNO, the native token of the Gnosis protocol, grew 188%. 

On the other hand, two of the largest cryptocurrencies on the market, Bitcoin and Ethereum, have both shown much smaller gains of 32% and 84%, respectively.

Graph showing the YTD returns of Republic Protocol (REN), Bitcoin (BTC), and Ethereum (ETH)
Graph showing the YTD returns of Republic Protocol (REN), Bitcoin (BTC), and Ethereum (ETH). (Source: CoinCodex)

And while massive gains aren’t a new thing in the world of altcoins, where some saw returns of several thousand percents during the 2017 ICO boom, the steady growth these projects have experienced might indicate that this is more than a passing fad.

When combined with the fact that DeFi protocols have vastly outperformed the investor favorites Bitcoin (BTC) and Ethereum (ETH), it could lead to more institutional investors coming into the DeFi space both for diversifying its assets and utilizing the projects. 

Featured Image from Shutterstock
Tags: aavebitcoincryptoDeFiethereumreturns
Tweet123Share204ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Priyeshu Garg

Priyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He built his first digital marketing startup as a teenager and worked with multiple Fortune 500 companies. He's an alumnus from mass-transit app Ola and holds a degree in computer science engineering. He likes to write bots in his free time.

Related Posts

Solana

Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact

59 mins ago
ViaBTC’s Sixth-Anniversary Events Come to a Successful End, Bringing Tens of Thousands of Users to a Crypto Carnival

ViaBTC’s Sixth-Anniversary Events Come to a Successful End, Bringing Tens of Thousands of Users to a Crypto Carnival

1 hour ago
Litecoin

Litecoin (LTC) Drops Below $50 After Consistent Bearish Squeeze

4 hours ago
Bitcoin

Bitcoin Struggles At $19K, Is $17K The Next Target?

5 hours ago
Cardano

Cardano At $0.45, Which Levels Are The Bears Aiming For?

8 hours ago
Dogecoin

Dogecoin (DOGE) Could Use Some Lift – An Elon Musk Tweet, Perhaps?

18 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Web3 Delight Lagos – Breaking barriers to pave the way for the digital future

July 4, 2022

LBank Exchange Will List DOTORI (DTR) on July 4, 2022

July 4, 2022

WorldPF (WDPF) Is Now Available for Trading on LBank Exchange

July 4, 2022

MetaBitcoin (MBTC) attracts investment from Dubai’s first royal crypto fund, Alawad Fund

July 4, 2022

MicroNFT (MNT) Is Now Available for Trading on LBank Exchange

July 4, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.