Despite the product being launched back in 2017, Decentralized Finance (DeFi) found its true identity in the year 2020. The year 2020 has turned out to be the most beneficial and valued for the entire cryptocurrency industry. In the same year, the entire cryptocurrency industry managed to gain all-time highs.
One of the major factors behind the success of the cryptocurrency industry was mainstream recognition. This resulted in major financial institutions and huge economic players entering the market. As a result of huge investments and high stakes on the line, the industry has gained enormous success.
Not just the year 2020, but the year 2021 has turned out to be the best year for the decentralized finance (DeFi) industry as well. While the entire market capitalization of the cryptocurrency industry managed to cross the $1 trillion market capitalization market, the DeFi industry has also achieved the same.
Since the beginning of the year 2021, almost the entire decentralized finance (DeFi) industry is gaining all-time highs. Almost every other day, there is a new decentralized finance (DeFi) asset that manages to make it to the headlines by hitting all-time highs. The assets managed to achieve this by gaining an enormous amount of rallying either due to a launch of a new product, a new service, or a transition to a more trustworthy platform.
This time around, the DeFi asset that has managed to earn the spotlight is Binance Smart Chain (BSC). The BSC has started becoming one of the most attractive and widely adopted assets for the crypto-sector. The main reason behind the sudden gain in the rally is because the platform has become one of the safest-havens for investors who are tired of high fees.
Due to the spikes in the price of Ethereum (ETH), the transaction fees for Ethereum (ETH) have also sky-rocketed. At present, the transaction fees for Ethereum (ETH) are at an all-time high, which has become a huge pain for the ETH investors. This is the reason why the majority of the ETH investors have now started shifting to other asses.
This is where Binance Smart Chain (BSC) comes in and is gaining a lot of rally due to the low fee costs that it has to offer for the transactions.
As the number of users on the BSC platform increases, the chain has also started reported a surge with respect to the transaction volumes per day. The platform has reported that the buying volume on the chain has also experienced a surge due to the high influx of investors.
One of the major products that are now gaining a lot of attention is Venus (XVS) that exists as an algorithmic money market as well as a protocol for a synthetic stable coin.
According to on-chain analysis, XVS had managed to gain around a 775% increase in its token since February 2, 2021. On February 2, 2021, the price of XVS was sitting at $10.04 but as of February 18, 2021, its prices are at $82.86.