Decentralized finance (DeFi) tokens from Balancer, Ben, Aave and Swissborg have all made huge gains, in the wake of excitement generated by the distribution of Compound's governance token.

Less than twelve hours later Balancer appear its protocol governance token BAL was live on the Ethereum mainnet, and the cost jumped from $six.65 to $22.28. At the time of writing, the DeFi token was trading at $15.60, with a petty over six million BAL tokens in the circulating supply.

It's following in the footsteps of COMP which more than tripled in value this week. Fifty-fifty after today's price crash, information technology's however up by 135%.

CoinGecko

Souce: CoinGecko

LEND skyrockets, REN and SNX reach ATH

According to data from CoinMarketCap, altcoins Aave (LEND), Ren (REN), and Synthetix (SNX) likewise had strong rallies this week.

LEND, a token from London-based DeFi lending platform Aave, has seen a iii,900% increment in price since trading under $0.01 for almost a year from Nov 2022 onwards. The token commencement rallied to $0.05 in May, and then surged to $0.16 on June 21.

Synthetix, a Australian leader in DeFi derivatives, and the newly launched REN, saw new all-time highs today. The cost of SNX rose 40% this week standing its bullish trend of a 100% increase over the last 30 days to reach an ATH of $one.61.

Both tokens take been looking bullish since late March following the crypto bloodbath. On June 23, the price of REN reached $0.xvi, respectively, an increase of more than 400%.

CoinMarketCap

Source: CoinMarketCap

SwissBorg looking at all-time highs

Decentralized wealth direction platform Swissborg's CHSB token is currently trading at $0.14, having reached a new all-time high of merely over $0.sixteen on June 17. For much of 2022, the price of the DeFi token was hovering around $0.02.

Coin360

Source: Coin360

Why are DeFi tokens doing ameliorate?

Cointelegraph has reported many DeFi tokens have consistently been outperforming Bitcoin (BTC) in 2022. Interest in these coins has been given a major boost by the launch of COMP, which has just started trading on Coinbase, and saw a meteoric price ascent in its first calendar week.

There is also considerable excitement effectually the concept of 'yield farming' which some publications including Forbes have promoted as a means to get a 100% return on an annualized basis.

As these tokens operate on the Ethereum mainnet, the expected introduction of Ethereum 2.0 later this year may fuel the bullish sentiment as it will enable DeFi projects to calibration up properly. Some believe DeFi could rival the ICO boom in 2022 while others think it's another overhyped bubble waiting to pop.