While 2020 will go down as one of the toughest the world has faced collectively in many years, the success of the decentralized finance sector stands out as a major milestone for the cryptocurrency community.
Amid the ongoing COVID-19 pandemic, economies have shuddered, and governments and financial institutions have had to introduce drastic monetary policies and stimulus packages in order to revive the global marketplace. As a result of this uncertainty and monetary policy, alternative asset classes such as cryptocurrencies have become an attractive target for investors, businesses and institutions.
2020 has been a big year for Bitcoin (BTC) in particular, with the preeminent cryptocurrency having reached levels that have not been seen since its infamous bull run in late 2017. Perhaps more telling is the fact that Bitcoin has broken a new record for the overall market capitalization.
This period of success has been accompanied by a DeFi boom, which has drawn some parallels to the initial coin