Likewise, since its launch in April 2018, InstaPay exponentially grew, registering over 1.5 million percent increase in volume and over 700 thousand percent in value as of November 2020, with the volume rising to 26.3 million from 1,740 transactions and the value growing to P144.4 billion from P19.1 billion.
“DeFi Tokens” includes wrapped bitcoin, Uniswap’s governance token UNI, SushiSwap’s governance token SUSHI and 16 other tokens of different DeFi protocols. Stablecoins appeal to users because it is claimed that, unlike unbacked cryptos, they provide stability by having their value tied to a portfolio of assets – known as “reserve assets” – against which stablecoin holdings can be redeemed.