The star of 2020, the DeFi sector continues to rise tremendously. The industry, which had a locked value of $1 billion at the beginning of the year, was holding $7.82 billion at the time of writing. The number has increased by 1200 percent during this period, but the decentralized finance craze seems to be just beginning. A Google engineer compared DeFi projects with large volumes of cryptocurrencies and made an interesting statement. He also mentioned XRP, BCH and ADA.
Tyler Reynolds: “XRP has no future.”
One of the most striking DeFi projects that has benefited from this enormous growth is yEarn Finance’s YFI. The protocol, which was the first project to introduce combined DeFi returns, started trading at $31.60 after it went live in July. Since then, YFI has risen parabolically and is currently trading at around $38,584, even surpassing bitcoin.
However, a Google Payments engineer questioned the economics of cryptocurrencies such as YFI with much higher values than DeFi tokens. The cryptocurrencies he is talking about are ripple (XRP), bitcoin cash (BCH), bitcoin SV (BSV), cardano (ADA), stellar lumens (XLM) and EOS.
Google’s Tyler Reynolds argued in a September 8 statement that he believes the cryptocurrencies mentioned above have no future and that it is unreasonable to be more valuable than YFI. According to Reynolds, these cryptocurrencies have accumulated very high valuations in three basic ways: a limited supply, market manipulation, and intense marketing to vulnerable investors.
Not everyone is that pessimistic
Leading cryptocurrency analyst and trader Credible Crypto claimed that XRP was in a position to surpass Ethereum when the next leg of the bull market began. Good days are on the horizon for ripple (XRP), according to Trader.
Addressing 66,000 Twitter followers, the analyst shared a chart in which he said the XRP / ETH pair depicted the bullish market structure.
People are starting to notice. Again, expect XRP to outperform ETH in the coming months. It has nothing to do with the basics or my proximity to cryptocurrency. Graphics only, plain and simple …