DeFi Token Gains in November Outperform Bitcoin

This summer’s decentralized finance boom is far from over. Granted, a large number of the newly minted DeFi tokens have pumped and dumped, but November has seen a major resurgence for many of them as they outperform Bitcoin itself.

During the month of November, Bitcoin made just under 40% in a climb from $13,800 to top $19,000 by month-end. It’s long-awaited surge towards its previous high of $20K three years ago has renewed the market momentum and general ‘hopium’ that has been missing for over two years.

Bitcoin’s highest ever weekly candle close has set the scene for further gains, but DeFi tokens have made even more.

DeFi Tokens on Fire

Industry analyst, ‘Ceteris Paribus’ has broken down the gains by token during November using Messari’s DeFi index. The results reveal that 18 of them have outperformed Bitcoin.

Returns from Nov 1, ~ DeFi bottom. $BTC, $ETH, $DeFi pic.twitter.com/iQCFcyhUcU

— Ceteris Paribus (@ceterispar1bus) December 7, 2020

Even Ethereum has made more during the previous month with a gain of almost 53% as it reached a 30 month high.

The top-performing token according to that list is SUSHI which has surged 300% from a low point at the end of October. Aave’s newly rebalanced governance token has made an impressive 200% for the period, and Yearn Finance’s YFI has added 160%.

The three other three figure gainers for the month are RUNE, HEGIC, and BZRX. There are several larger cap DeFi tokens that have not beaten Bitcoin in terms of gains for the period and they include Balancer, Ren, 0x, Kyber, Maker, and even Chainlink which has only managed 16.6% for the month.

It should be noted, however, that many of these DeFi tokens are still a long way down from their all-time highs this year whereas Bitcoin is just 4% away from its ATH at the moment.

DeFi TVL at New All-Time High

According to Defipulse, the total value locked across all DeFi protocols listed is at an all-time high of just below $15 billion. Since the beginning of November, TVL has increased by around 32% and since the beginning of 2020, it has surged a whopping 2100%.

Maker is still the top DeFi protocol in terms of collateral locked with $2.7 billion and a market share of 18%. Uniswap has added 6% to its liquidity on the day climbing to $1.4 billion while Balancer and Yearn Finance have made even greater collateral gains.