Bitcoin exchange Kraken lists three new DeFi tokens

Kraken is a U.S.-based exchange for trading cryptocurrencies. Founded in 2011, it is one of the largest and best-known exchanges worldwide. As a result of the current DeFi hype, the exchange now lists three new cryptocurrencies from the area of ​​decentralized finance.

Kraken also wants to benefit from the DeFi hype

The centralized exchange Kraken announced yesterday, July 14, 2020, that it would accept four new cryptocurrencies. A total of four new digital assets are listed. Three of these are tokens from the area of ​​decentralized finance, which are currently experiencing unprecedented hype:

  • Compound (COMP): Among other things, Compound has given the go-ahead for the current DeFi hype. COMP is a so-called governance token that will play a central role in the DeFi platform in the future. This includes, for example, the right to interest.
  • Kava (KAVA): Kava with the cryptocurrency KAVA is a DeFi platform that is supported by the Bitcoin exchanges Binance and Huobi, among others.
  • Kyber Network (KNC): Kyber Network is a decentralized exchange with the in-house token KNC.

Kyber Network is a decentralized exchange that actually competes with centralized exchanges like octopuses. But the fees for trading the DeFi tokens listed above are not to be missed. In the press release, the reason for the listing is the trend of decentralized finance:

One of the biggest trends this year is the growth of the decentralized financial movement (DeFi), an emerging class of cryptocurrency projects that use blockchains to provide credit and market making services without financial intermediaries.

The COMP and KNC cryptocurrencies, both within the Top 40, have a combined trading volume of more than $ 130 million USD. With the token listing, Kraken will be able to snatch part of this trading volume in the future.

Trading in the above cryptocurrencies starts at 15:30 p.m. In addition to the three DeFi tokens, Storj (STORJ) was listed as the fourth cryptocurrency, a decentralized alternative to data storage on the blockchain.

DeFi hype: beware of enormous price increases

While COMP and KNC are already at the top of the ranking, KAVA is outside the top 100 and is the smallest new project that can be traded on octopuses. The top 100 are not far away. With a price increase of almost 20% within the last 24 hours, which may have been caused by the octopus listing, the KAVA token is in 117th place. A KAVA token is currently trading for $ 2,08 USD, the price was at the beginning of the year at $ 1,04 USD.

All three projects can look forward to enormous price increases since the beginning of the year and thus more than satisfy their investors. At least if they bought at the right time. Because with enormous price increases, caution is often required.

The COMP token, a token based on Ethereum, was able to launch a rocket following the launch and the Coinbase listing. The course was able to increase by more than 200% within a very short time. Those who invested at all-time highs were bitterly disappointed. The price of the COMP token has more than halved after the big pump, from $ 360 USD to now $ 165 USD.

Compound (COMP) explodes: 200% price increase after Coinbase listing announcement


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