Defi Token Polkadot Continues to Jump Like Theres No Tomorrow

Sunday 24 January 2021, 6:26 AM AEST - 1 month ago

The crypto space is tanking as of late. Bitcoin has fallen by about ten percent in the past two days, while Ethereum, Ripple, Cardano and Litecoin have all taken dips of anywhere between five and ten percent. However, not every asset is down in the doldrums at the time of writing. Some, such as Polkadot, have retained their high prices and appear poised for more gains in the coming weeks.

Polkadot Continues to Thrive Like No Other Coin

Polkadot is the provider of whats known as the dot token, a currency that has risen by more than 450 percent in just the last five months alone. The asset is part of a long list of decentralized finance (Defi) tokens that have made their way into the crypto space over the past two years, and the Defi industry continues to grow like theres no tomorrow.

In January of 2020, for example, the space was valued at just over $1 billion. Today, that value has grown to more than $20 billion. The arenas big claim to fame is that it can allegedly revamp a lot of traditional financial tools – such as loans and insurance – to make them easier and more accessible to those who really need them.

Interestingly, Polkadot has been on a constant high, rising through the months of both December and January. The currencys rally continues – even as larger, more mainstream tokens and assets such as bitcoin fall from their recent top positions and slink further into oblivion.

Many analysts are taking this as a sign that Polkadot is going to potentially compete with Ethereum. The ETH network is where many of todays Defi tokens stem, the dot token included. Luis Cuende – cofounder of the decentralized app company Aragon – explained in a recent interview:

While competitors to Ethereum are making strides and benefitting from the ongoing market rally, I think its very unlikely that these competitors will overcome the network effects that Ethe ...

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