Ethereum is the second largest cryptocurrency platform after bitcoin according to the reports of market capitalization. It is a decentralized open source blockchain technology and, it is enabled with smart contract functionality. Ethereum was founded in 2013, by Vitalik Buterin, a researcher and a programmer of cryptocurrency. It provides a decentralized virtual machine which can execute scripts using an international network of public nodes known as the EVM (Ethereum Virtual Machine).
Ethereum based decentralized finance(DeFi) protocol launched its token Meta on 18th July,2020.The hype was very huge for the launch of the protocol and within half an hour the token traded at 16 times its original value at $0.15. In a single day two tokens in the cryptocurrency market were launched. One of the tokens launched over 1000% higher than its seed round price and another token gained 5000% in a day. During its launch the Metropolitan Transport Authority (MTA) investors received 1000% of their original investment with the token climbing even higher. MTA is now trading at 16 times its $0.15 Seed Price. The Dynamics around the offering was fairer but the hype it created drove the prices far higher.
At the time of publication, META token is trading at $3.64 with gains of 9.64% in the last 24 hours and 2000% rise since its introduction. The Token was Launched with a new procedure known as IDO (Initial decentralized exchange offering). According to Yearn Finance, the YFI Tokens had no initial value and no pre minded supply. At the time of publication, the YFI was trading at $1383 with a gain of 54.79 % after an initial value of $0.
LEND, which is another form of cryptocurrency token has earned 1500% over the last year which makes it one of the best investments of 2020. The top-notch performance of the LEND and the other DeFi tokens serves to the growth of Ethereum’s DeFi Sector. Ethereum’s DeFi exceeded a total value of $2 billion dollars following the crash of the DeFi sector in March 2020.Investors always wanted to seek the best returns and unlike bitcoins, which has kept its price stable over the past month.
There are many factors, projects, and movements in the deFi sector today, much of what is happening today is simply due to luck or a combination of luck and skill says Qiao Wang as an Entrepreneur.
