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, This is how the DeFi started this May 2021, Forex-News, Forex-News
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This is how the DeFi started this May 2021

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, This is how the DeFi started this May 2021, Forex-News, Forex-News

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, This is how the DeFi started this May 2021, Forex-News, Forex-News

The value blocked in decentralized protocols, better known as DeFi, continues to mark a maximum after a historical maximum during these first days of May.

At the time of this writing, the total value blocked in decentralized applications is $ 134,280 million. At the beginning of the month this figure was 112,000 million, which means a growth of approximately 20% so far in May.

The DeFi boom continues to attract more attention, and at the moment there is no sign that this cycle is going to end too soon.

The congestion of the Ethereum network does not prevent users from entering this market space. In addition, some layer 2 solutions, and cheaper networks such as Tron or Binance, continue to provide alternatives so that growth does not stop.

, This is how the DeFi started this May 2021, Forex-News, Forex-News
Value locked in DeFi protocols. Source: DeBank.

Analysis of the native tokens of the DeFi PancakeSwap and Maker, May 2021

The DeFi that have the most blocked value for this date in May are: PancakeSwap with $ 15.9 billion, Maker with $ 14,300 million, Compound $ 13,500 million, Uniswap with $ 11,800 million and Venus with $ 10,200 million.

Let’s see below an analysis of the tokens of the 2 main DeFi, so that we have an idea of ​​how this market is behaving.

, This is how the DeFi started this May 2021, Forex-News, Forex-News
Top 10 DeFi protocols during the first weeks of May 2021. Source: DeBank.

Cake

PancakeSwap’s native token continues to be engulfed in a solid medium-term uptrend.

This trend gave way a few days ago to a major correction, which has already managed to visit the 50% Fibonacci.

At the time of this writing, CAKE is trading at $ 34.75, accumulating a loss of 4.17% in the last 24 hours.

Despite recent negative performance, the dominant force is clearly still bulls, and sooner rather than later they will exert upward pressure again.

A good confirmation that the trend has resumed is the break of the immediate resistance at $ 39. This would give way to a new momentum, which is likely to go in search of $ 57.91.

Maker

Labeled in the market as MKR, it is trading at $ 5,710.50 at the time of writing, accumulating a 13.48% gain in the last 24 hours.

Thanks to recent gains and the break of resistance at $ 5,640.17, this token is resuming the short-term trend, with which it could go looking for $ 7,003.85 quite easily.

It is relevant to note that the medium-term trend of this token has not made any healthy correction lately. But, as long as it does not break from the immediate support at $ 4,982.78, the odds will remain on the bullish side, at least for the short term.

Analysis of the main DeFi tokens

We have already reviewed the tokens of the leading protocols; However, the largest DeFi tokens are not exactly the ones we discussed in previous paragraphs.

Uniswap thanks to a market capitalization of $ 22,139 million, it is the largest DeFi token in the market.

This is followed by Chainlink, with a capitalization of $ 20,337 million. In third place we find Wrapped Bitcoin thanks to a capitalization of $ 10,009 million. In 4th and 5th place we find Aave and Terra respectively.

UNI

The native token of the decentralized exchange Uniswap, is trading at the time of this writing at $ 42.67, and accumulates a gain of 13.08% in the last 24 hours.

UNI has been making a correction for the past few days, but it seems pretty clear that this process is complete.

Now the medium-term trend of this token has been resumed, and it could easily go looking for $ 56.91. This scenario will remain in force as long as the support at $ 27.86 is not crossed.

The DeFi Chainlink network token has also started this May on the right foot, managing to resume the upward trend in the medium term.

For the last few days this token has been going back a bit. But, after visiting 50% Fibonacci, it seems that it is ready to take a new rise. The goal: $ 67.39. Support to maintain: $ 31.69.

All our publications are informative in nature, so in no case should they be followed as investment advice.

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, This is how the DeFi started this May 2021, Forex-News, Forex-News

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