We are back to analyze the DeFi market once again, but instead of just comparing it to the overall crypto market, we will be diving deeper into the most important tokens and assets traded in this sub-market. First of all, let’s take a look at how the DeFi environment behaved these past 7 days:
As usual, the DeFi market reflects the movements of the overall cryptocurrency market, but in a less “sudden” way when it comes to climbs and drops. This translates into a wider window for users and holders to make decisions to mitigate their losses, which in turn mitigate the drops of the market in general. This is why we can see an overall 6.5% growth in DeFi compared to the 13% of the crypto market, since the last big climb of cryptocurrency has not yet stabilized.
For this new segment, we will be looking at certain assets that are becoming more and more relevant in DeFi as time goes on. We will begin with the top token for staking by market capitalization, since this activity is gaining relevance within the DeFi landscape, and that token is Tezos (XTZ).
We saw XTZ climb the ranks up until reaching the 10th spot among the top cryptocurrencies by market capitalization in recent months (last 30 days pictured above), and it has done it by catching the attention of the staking community. With a calculated reward percentage of 5.73% and a 78% of its total circulation currently staked, it offers those who invest in it a stable base to build their compound stake upon, or become the main source of stake for the most conservative users.
A fair amount of time has passed since XTZs climb became relevant, and it has stayed up top with the big names, making it an interesting token to stay on track, maybe using it as an entry point for the world of staking. Stay tuned for next week to see which asset we will cover!