The last couple of weeks have been nothing short of intense on the cryptocurrency market. For the first time since 2016, an altcoin flipped Bitcoin’s price as YFI traded above 1 BTC.
Polkadot (DOT) is currently all the rage as all eyes are turned on the project and its native cryptocurrency. Data from CoinGecko suggests that it’s the most trending coin over the past seven days, followed closely by several DeFi coins such as Mantra DAO, YF Value, and YF Link.
Polkadot (DOT) Dominates Recent Trends
CryptoPotato reported last week that the new Polkadot token (DOT) got listed on Binance and Kraken despite warnings of potential redenomination issues made by the team.
The original DOT token has been trading since 2019, but the excitement escalated this year following the launch of the project’s mainnet. Earlier this month, the community voted on a so-called “stock-split” that created a new DOT token, equivalent to one-hundredth of the old one.
In any case, since the new token was listed on the major exchanges, its price catapulted, and the market cap of Polkadot quickly got it a seat among the top 10 largest projects by means of market capitalization, even surpassing the oracle giant Chainlink for a short while.
At the time of this writing, DOT is the 6th largest cryptocurrency with a total market capitalization of around $5.6 billion and a price of $6.25, according to CoinGecko.
Interestingly enough, the token is also attracting serious attention from the masses, as data from the same resource shows that it’s the most trending one on the market.
DeFi Coins Follow Closely
At this point, it has become more than apparent that DeFi tokens are where the spotlight is. The above chart highlights this perfectly. Some of the most heavily searched coins include Mantra DAO, YF Link, and YF Value.
Earlier this week, CryptoPotato reported on a potential security issue with the total value staked in YFV.finance, because as it turned out, the governance keys of vETH and vUSD from YF Value were controlled by a single entity.
The team has since reacted, and on August 27th, they transferred the keys to a 4-of-7 multisig wallet, where the signers are prominent members of the cryptocurrency community.
The governance keys of vETH and vUSD from YFValue protocol HAS BEEN TRANSFERRED to a 4-of-7 multisighttps://t.co/26aBP4WWFy
YFValue again thanks the assistance of all signers:@zreubenz@defidude@boxmining@matthewniemerg@IanOcasio@sir_TQT
Details will be on our blog soon
— yfv.finance (@FinanceYfv) August 27, 2020
In any case, the DeFi space shows no signs of slowing down as the total value locked in protocols approaches $7.5 billion.