DeFi proved resilient during the March 2020 and May 2021 market crises
While centralized protocols struggled with the two major market crises of March 2020 and May 2021, DeFi remained resilient.
As if 2020 didn’t provide enough nail-biting moments, 2021 is shaping up to be quite an interesting year for cryptocurrency. With the price of Bitcoin (BTC) floating around the $35,000 mark, skeptics and pundits are flocking to the streets of social media to celebrate the long-awaited demise of the decentralized economy.
Given the number of people claiming the crypto bubble has burst — including former U.S. President Donald Trump — it is almost hard to remember that the price of Bitcoin was hovering between $9,000 and $10,000 a mere 12 months ago.
In fact, decentralized finance (DeFi) has emerged as the most promising sector of the cryptocurrency economy, fueling the adoption of the crypto space. A quick glance at the growth statistics clearly indicates just how much momentum DeFi has generated over the past year.