The Top Performing DeFi Coins in Q1 Were Not on Ethereum

[EAA-ALLAH]

Decentralized finance (DeFi) continues to do exceptionally well in 2021. But the top performing assets so far this year are newcomers—and don’t even run on Ethereum.

According to a Q1 Performance Recap report released today by cryptocurrency data provider Messari, the top two performing DeFi cryptos in the first quarter of 2021 were PancakeSwap and Terra.

Two clear DeFi winners in Q1:$CAKE + 3,031%$LUNA + 2,784% pic.twitter.com/PRQUx8CZRn

— Messari (@MessariCrypto) April 9, 2021

"DeFi" is shorthand for a group of peer-to-peer financial products, such as lending, borrowing, and trading platforms. They basically allow their users to access bank-like services without the need for an actual bank or other third-party intermediary.

PancakeSwap is a decentralized exchange (DEX) that runs on Binance Smart Chain—a blockchain">blockchain platform launched by the world’s biggest centralized crypto exchange, Binance. The exchange’s native token, CAKE, is used by investors to earn rewards or vote on the project’s updates. Its price has shot up by 3,031% since the start of the year, beating out all other DeFi tokens so far. Today it’s trading for $23.52, according to Messari.

Terra (LUNA) is a financial ecosystem that includes a stablecoin">stablecoin facilitator, synthetic assets, savings accounts and more. LUNA (today trading for $16.18) is also a governance token that can earn its users rewards. It is also used for staking to validate blocks. It is up 2,784% since the start of the year. Source

[Pluto25]

Recently most of the decentralized finance projects are available on BSC plafrorms due to Ethereum high exessive network fees. I think in future all projects will available on BSC plafrorm.