2020 is a compelling year, and the same is true for the decentralized financial DeFi ecosystem. In 2020, DeFi witnessed the closure of the SAI stablecoin, the trend of income farming took off, and the total value of multiple DeFi projects locked in exceeded $1 billion.
Here are some of the most important things that happened in decentralized finance this year.
- UNI token release: On September 16, the leading decentralized exchange Uniswap launched its own governance token UNI. In all aspects, Uniswap's trading volume can rival those of centralized exchanges such as Coinbase.
SushiSwap ushered in "vampire mining": SushiSwap was launched in August as a branch of the decentralized exchange Uniswap. SushiSwap uses its own governance token to incentivize Uniswap's liquidity providers to take away liquidity from Uniswap. Vampire mining was born.
Compound distributes COMP tokens to users and transfers its protocol control: June 15 is the day when the decentralized currency manufacturer Compound circulates its COMP tokens and transfers governance control to users.
Yearn.Finance set off a boom in income farming : Yearn.Finance was launched on July 17th and established an agreement to find the best return in the DeFi field by investing the deposited funds through different DeFi agreements. The boom in income farming began.
Packaging Bitcoin exceeds $1 billion: Packaging Bitcoin WBTC is an ERC-20 token linked to Bitcoin. It allows Bitcoin holders to access the Ethereum-based DeFi ecosystem. August 15th was the day when the supply of Bitcoin exceeded $1 billion.