Today, August 12, the incredible hype around the recently launched YAM protocol, designed for "yield farming," has brought the DeFi craze to a new level. The greatest beneficiaries of this euphoria entered ten-digit waters in terms of market cap.
Synthetix Network Token (SNX) surpasses $1 bln in liquid market capitalization
While all crypto behemoths are in the red zone today, the native assets of decentralized financial instruments witness impressive double-digit gains. This upsurge has made the liquid market capitalization of Synthetix Network Token (SNX) break above $1 billion.
According to statistics by Messari, leading crypto analytical firm SNX is up 22 percent in the past 24 hours. It allowed SNX's liquid market capitalization to leave numerous blockchain veterans, e.g., IOTA (MIOTA), Dash (DASH) and Ethereum Classic (ETC) in the dust.
Also, Compound (COMP), the nucleus asset of Compound Finance DeFi, is one step from breaking above this impressive milestone.
As covered by CryptoComes recently, Synthetix Foundation was decommissioned two weeks ago. It has been replaced by three separate DAOs tasked with the development and marketing of Synthetix Protocol.
Analysts claim it may mean "the beginning of a new era"
This SNX achievement is noted as crucial by crypto traders and analysts. Ex-Messari researcher and investor Qiao Wang expressed appreciation for it in his resent tweet:
SNX at $1B is the beginning of a new era. pic.twitter.com/WF6XBTYumC— Qiao Wang (@QWQiao) August 12, 2020
However, he admitted that we should be prepared to see numerous significant DeFi segment progress milestones very soon:
Yes there are a lot of new eras these days.
Today, the DeFi sector has skyrocketed one more time due to the incredible run of the YAM "yield farming" instrument. Despite its launch without a technical audit, farmers have locked in almost $75 mln in a single hour.
As reported by CryptoComes, BitMEX CEO Arthur Hayes has celebrated the launch of YAM and crowed that he is joining the camp of "yield farmers." But CEO and co-founder of Shapeshift Erik Voorhees slammed this project as a dangerous "pump-and-dump" scheme.