DeFi boom leaves former altcoin darlings in the dust — But for how long?
The rapid popularity and investment growth observed in the Decentralized Finance (DeFi) sector has reflected heavily on the price charts with DeFi and yield-related tokens like Yearn.finance (YFI), Aave (LEND), and others rallying to their all-time highs in 2020. As so, with all eyes set on DeFi projects and smart contract platforms like Ethereum (ETH) and Cardano (ADA), a few sectors in the cryptocurrency world appear to have been left behind.
Source: CaneIsland Digital Research
Although smart contract platforms like EOS have made modest gains, it has failed to keep up with competitors like Ether, which has been the epicenter of the 2020 DeFi craze (as most DeFi-related tokens are Ethereum ERC20 tokens). While DeFi has been leaving other sectors in the cryptosphere behind, users should be aware that many of these new projects have very little to offer, being reminiscent of the ICO space in 2017.
