The Decentralized Finance [DeFi] wing of the cryptocurrency ecosystem has been under the spotlight for some time now. Even though the pandemic quashed almost every other market, the DeFi market has been on an uphill journey. The benefits that the community sought from DeFi were beyond their expectations this further led to several venturing into the space. While the crypto community is exploring the existing DeFi projects, yet another DeFi farming token made an entry into the DeFi space.
From SUSHI To KIMCHI
KIMCHI is more than just a spicy Korean dish to the crypto-verse. This new DeFi project made its way into the ecosystem after Yuno and Uniswap forked project, Sushi forked earlier today. While other projects have been working their way up, KIMCHI has already turned heads. The project locked a total of $500 million, just hours after its existence. A Twitter user tweeted about the same,
Half a billion dollars locked in $KIMCHI since it launched… 4 hours ago? 5?
Money isn't real pic.twitter.com/5VoB6sfpoC
— notsofast (@notsofast) September 1, 2020
Similar to other DeFi projects, KIMCHI caught the attention of the community by displaying high digits, however, it wasn’t too long until it tumbled down to $150 million. This nascent project seems to be eager to get on top as the “About” page of the official website of KIMCHI failed to give users more insights about the project. But it rather stressed on,
“KIMCHI could be the next hot DeFi farming token. Who knows?!”
The official website of the token revealed that users could farm and trade KIMCHI with Ether [ETH], SUSHI, TEND, and even the largest stablecoin Tether [USDT].
While the market cap of the KIMCHI token is still uncertain, the price of the token witnessed a 46.7% rise in the last 24 hours. The price of this DeFi token went on to hit a high of $12.26, just a few hours after its launch. However, during press time KIMCHI was trading at $7.26 with a 17.7% plummet in its price in the last 1 hour.
DeFi’s One Way Ticket To The Top
While more projects have been making an entry into the DeFi space, the number of people investing in the market has also increased. Ever since June 2020, the total value locked in DeFi has been going up the ladder without looking back. Recently, DeFi’s value hit an all-time high of $9 billion. It certainly won’t be long until DeFi locks $10 billion as the current numbers are at $9.46 billion, which is its latest all-time high. With Uniswap accounting for $1.65 billion, it continues to dominate the DeFi space.
