Over the past two weeks, DeFiChain (DFI) price has bounced back from swing lows and several data points suggest that the project’s fundamentals will continue to improve.
DeFi offers one of the most widespread use cases for distributed ledger technology and is one of the primary avenues for broader adoption of blockchain technology today.
Last week, when the broader crypto market corrected and Bitcoin fell 22%, the DFI defied the storm and rebounded 76% to its 24-hour trading volume on December 6th. hitting a new all-time high (ATH) of $ 5.7 rose from an average of $ 3.6 million to $ 24.3 million.
DFI / USDT 4 hour chart | Source: TradingView
The three reasons for the DFI price breakout are the introduction of decentralized assets on the DFI mainnet, an increase in transactions and users in the network, and an increasing total value (TVL) of the protocol.
The biggest driver for DFI in recent weeks has been the introduction of decentralized assets on the DeFiChain network and staking options for owners.
Platform users now have access to multiple pools, including large-cap cryptocurrencies like Bitcoin and Ether, as well as aggregated versions of popular indices and stocks, including Pairs for Tesla (TSLA). ), Apple (APPLIC) and the S&P 500 (SPY). . In addition to the exposure to these assets, investors also benefit from the platform’s above-average returns.
DeFiChain DEX pool pairs | Source: DeFi-Scan
Other decentralized investment options available to users include Gold (GLD), Silver (SLV), ARK Innovation ETF (ARKK), and iShares 20+ Year Treasury Bond ETF (TLT).
Another reason for the strong performance of DFI is the increase in transactions on the network after decentralized assets are released.
Daily DeFiChain transactions | Source: DeFiChain Analytics
The increase in network activity is largely the result of new use cases realized through the adoption of decentralized assets, including asset creation, deleveraging, and arbitrage trading.
The additional features have also helped attract new users to the DFiChain ecosystem.
Unique address with DFI | Source: DeFiChain Analytics
DFI has also seen a steady increase in TVL on the DeFiChain protocol, which currently stands at an ATH of $ 1.83 billion, according to data from Defi Llama.
TVL on DeFiChain | Source: Defi Lama
The rise in blocked value coincided with the introduction of decentralized assets on the network and there was a condition that users flocked to deposits for access to high profit opportunities for investors.
In addition to the staking features offered on DeFiChain DEX, larger DFI holders with at least 20,000 DFI also have the option to block their DFI tokens in order to operate a masternode on the network and receive rewards for help with transaction verification and Earning security.
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