Bitcoin (BTC) being on a bull run may be hounding all the attention but the world's apex cryptocurrency is getting outdone by several decentralized finance, or "DeFi," projects.
What Happened: SushiSwap (SUSHI), one such DeFi cryptocurrency, has surged 96.24% in a 7-day period up to press time beating Bitcoin, which is up 12.86%.
DeFi has seen rising popularity in the cryptocurrency community, with some dubbing it as a fad. A lot of DeFi projects may be in a bubble, but that doesn't mean that "DeFi will eventually disappear entirely," Binance CEO Changpeng Zhao said this week, as reported by Cointelegraph.
Zhao advocated cryptocurrencies like Bitcoin saying it was the “money of freedom for millions of people worldwide.”
Why It Matters: SushiSwap, the DeFi protocol supported by SUSHI, has been among the most popular such projects. SUSHI had surged 331% to $11.17 in September before its anonymous founder cashed out $6 million worth of tokens, tanking the cryptocurrency.
Yearn Finance (YFI), another DeFi cryptocurrency, which offers yield farming, surpassed Bitcoin’s 7-day gains this week. At press time, YFI is up 13.1% in the 24-hour trailing period and 49.3% over seven days at $24,667.87.
SUSHI traded 16.85% higher at $1.33 at press time, while Bitcoin traded 0.51% higher at $17,756.63.
See Also: Bitcoin Storms Past $18,000