Launched just over a month ago at the start of October, EAN Exchange’s DeFi Token (DEAN) has surged over 7 times to $0.72 (at time of writing). The increase in price has been driven by the explosion of the DeFi market as BTC consolidates around $19,000.
Demand has been increasing daily for users to lock funds to farm yield and earn DEAN tokens on EAN’s newly launched DeFi Platform (defi.EANex.io). The token started trading at $0.10 on October 2nd and this is only the beginning.
We reached out to founder Matt Chen (@EANMattChen) who told us that he expects demand for EAN DeFi to grow exponentially as BTC prices and overall crypto market cap remain at this level to move higher. “Over the past year, there have been many developments that legitimize blockchain and crypto currencies for the mainstream audience. Us early developers and investors have been saying it for years, but now crypto is here to stay with its position solidified by legacy banks and payment processors all falling in line to support it.” Matt ended our conversation with his outlook on the future of the DeFi market. “With all the banks, public companies and now even PayPal scrambling to build custody and exchange solutions for their retail clients, this market can only grow. The recent surge of BTC from 10k to 19k was not driven by retail investors but instead by smart money groups who have been hoarding BTC en masse. I expect the retail market investors to follow suit soon, which will drive prices to All Time Highs in the bear future. Investors who invest in crypto currencies for capital gain would also like to maximize their returns by earning yield or interest from those holdings, and naturally they turn to DeFi platforms to stake or lend those holdings out”.
Matt’s optimistic views of the market have recently been corroborated by other legacy analysts and market participants. Open Interest (OI) and trade Volumes have been increasing across regulated venues, particularly at CME, indicating that institutional players may have been the catalyst that led to the surge in BTC prices.
Visit EAN’s latest DeFi platform page, defi.EANex.io, for more information.