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It’s fair to say that 2020 has belonged to DeFi tokens. The performance of yearn.finance and widespread excitement for assets like Uniswap and Compound had captivated investors, with many currencies eclipsing the traditional top 10 of altcoins. But will the arrival of the DeFi boom kill off some of the cryptocurrency world’s mainstays?
The rapid rise of decentralized finance (DeFi) has been heavily reflected in the soaring prices of yield-related tokens, such as yearn.finance, LEND and others rocketing to unprecedented highs in 2020. The huge rise in YFI alone has rocked the world of crypto.
yearn.finance (YFI) Source: CoinGecko
Peaking at around $40K, yearn.finance eclipsed Bitcoin’s famous rally of late 2017, and far outperformed the world’s most popular cryptocurrency and altcoins by a considerable margin over the summer