Decentralized finance (DeFi) was the driving force behind the growth in the cryptocurrency market in early 2021 but lately, the sector has taken a back seat to nonfungible tokens as famous artists and legacy auction houses have been jumping into the NFT ring.
A break from the spotlight has allowed some of the more popular DeFi projects like Balancer (BAL) to regroup and plan out the next steps for their protocols as they work towards creating a more interoperable and user-friendly DeFi ecosystem.
Data from Cointelegraph Markets and TradingView shows that Balancer (BAL) reached a low of $28.95 on February 23 following the market-wide correction that occurred after Bitcoin (BTC) first rejected from the $58,000. Since then, BAL has rallied 122% to set a new all-time high at $64.99 on March 18.
BAL/USDT 4-hour chart. Source: TradingView
Balancer was able to separate itself from the extended slump experienced by DeFi tokens thanks to multiple partnerships and protocol upgrades that seek to address some of the biggest concerns facing decentralized finance, including Title: Balancer (BAL) hits an all-time high as DeFi projects trial new solutions
Sourced From: cointelegraph.com/news/balancer-bal-hits-an-all-time-high-as-defi-projects-trial-new-solutions
Published Date: Fri, 19 Mar 2021 18:00:00 +0000