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Sunday, November 27, 2022

DeFi Sector Has Offered Shelter After Bitcoin Goes Down

In the middle of the breakdown of the crypto industry, the DeFi sector of the ecosystem has gone ahead and offered most traders some shelter. This comes needed as the market of cryptocurrency went down on the 28th of December with the price of Bitcoin losing around $4,000 in value in just a matter of hours- something that has led market bulls to secure support at a sum of $48,500 in order to prevent further losses to the cryptocurrency. It has also been noticed that several tokens have been seeing some major gains in excess of 30%.

DeFi Sector Sees Massive Growth 

According to data provided by TradingView and Cointelegraph Markets pro, it has been highlighted that the DeFi sector has immensely helped in the growth of Harvest Finance, Aragon, and QuickSwap.

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Harvest Finance is one of the protocols of decentralized finance which has been designed to automatically farm the highest yields which are available across the entire ecosystem- whilst optimizing the yields that users receive through the implementation of the latest farming techniques. 

Another DeFi protocol that has seen some major growth has been QuickSwap, which is a decentralized exchange as well as an automated market maker that usually operates on the network of Polygon. According to data from TradingView and Cointelegraph Markets Pro, it has been notified that after trading at the price of $235 on the 22nd of December, the price of QUICK went up by 143%. 

The last DeFi protocol to receive advantage has been Aragon, which is a protocol on the network of Ethereum, which helps in the creation of several decentralized autonomous organizations- in its own way of helping develop structures of governance through community engagement. 

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