2020 was a year full of remarkable events, and the same was true for the decentralized finance (DeFi) ecosystem. In 2020, DeFi saw its SAI stabilkoin shut down, the yield farming trend began, and the total value of multiple DeFi projects exceeded $ 1 billion when locked-in.
Here are some of the most important decentralized finance activities this year.
UNI token launch: On September 16, the leading decentralized exchange Uniswap launched its own governance token, UNI. At various points, Uniswap’s volume has rivaled centralized exchanges like Coinbase.
SushiSwap, “herald of vampire mining”: SushiSwap was launched in August as a stock exchange fork of decentralized Uniswap. SushiSwap encouraged Uniswap liquidity providers with their own management tokens to get liquidity from Uniswap.
Compound distributes COMP tokens to users and delegates control of its protocol: On June 15, decentralized coin maker Compound points out that Compound is distributing the COMP token and granting management control to its users.
Yearn.Finance has started a farming frenzy: Yearn.Finance has created a protocol to discover the best returns in the DeFi universe by investing funds invested through different DeFi protocols. With this protocol, the productivity agriculture craze started on July 17th.
Wrapped Bitcoin has passed $ 1 billion: Wrapped Bitcoin (WBTC) is an ERC-20 token pegged to Bitcoin. It provides Bitcoin holders access to the Ethereum-based DeFi ecosystem. August 15 was the day when the Bitcoin supply broke $ 1 billion.