What’s driving the DeFi token crash?


$109,987.00
4.02%$2,699.74
7.81%$2.31
2.30%$666.76
2.14%$160.72
5.47%$0.999794
0.00%$0.195198
6.24%$0.286931
1.67%$0.71282
6.74%$2,698.44
7.77%$109,848.00
4.06%$38.73
10.82%$3,256.42
7.76%$3.44
6.59%$14.47
5.35%$22.01
5.16%$0.274864
2.64%$426.96
3.64%$9.11
-1.96%$3.32
4.27%$0.00001312
4.98%$0.178094
4.75%$0.999647
0.00%$2,698.55
7.62%$2,885.35
7.64%$90.87
4.16%$4.18
3.89%$332.23
1.51%$0.999884
-0.06%$1.001
-0.02%$4.79
3.00%$0.00001272
9.53%$109,987.00
4.01%$0.636964
0.96%$31.64
1.24%$285.33
13.01%$6.89
9.21%$423.92
10.45%$1.18
-0.02%$6.03
8.84%$53.00
0.78%$4.98
5.67%$2.55
5.37%$0.10116
3.28%$193.98
5.37%$1.00
0.00%$0.879652
5.89%$18.02
6.77%$1.054
0.01%$31.39
1.01%$0.091169
5.18%$18.48
1.14%$0.658391
1.75%$0.02541781
5.72%$0.99843
-0.19%$10.86
4.16%$4.07
5.23%$0.343082
7.19%$0.79889
7.47%$4.45
4.33%$0.219429
4.13%$109,575.00
4.36%$4.41
0.16%$1.16
4.70%$0.37168
8.68%$0.083176
14.06%$2.62
5.29%$121.39
2.02%$0.20114
5.77%$2,698.33
7.67%$4.56
2.99%$0.999143
-0.05%$0.999998
0.00%$0.48273
4.24%$2.13
5.97%$1.00
0.10%$11.35
2.36%$170.21
5.74%$0.00001745
10.62%$13.74
3.38%$1.42
12.55%$2.00
10.04%$3,070.19
7.78%$0.400244
5.98%$0.01881736
4.55%$1.26
2.47%$1.21
15.21%$2,818.67
7.41%$4.16
3.47%$0.66286
8.58%$0.701447
7.62%$0.197462
4.41%$1.00
-0.02%$1.027
14.37%$0.9992
-0.02%$109,692.00
3.91%$0.999526
-0.03%$0.538994
4.19%$0.060776
0.12%$2,877.78
7.44%$2,825.83
7.39%$0.696132
7.72%$0.600677
3.31%$0.098461
7.49%$2,835.20
7.68%$109,970.00
4.12%$666.60
2.11%$0.00009158
9.92%$110,124.00
4.29%$0.142498
32.30%$178.83
5.33%$51.29
5.63%$3,327.88
0.47%$0.810861
6.55%$3,337.97
0.22%$2.47
7.90%$0.887019
8.80%$208.54
5.39%$0.01734932
6.10%$22.18
7.43%$0.190846
5.36%$0.125231
7.09%$0.533971
8.44%$2.49
8.26%$0.293365
6.05%$0.01465146
3.54%$4.34
7.23%$0.00000071
2.84%$1.10
-0.03%$111.37
0.02%$0.01095118
10.11%$34.51
4.64%$0.999667
-0.01%$109,751.00
4.21%$0.651277
5.34%$1.93
2.74%$0.597618
4.57%$0.997415
-0.03%$2.01
0.03%$1.74
7.16%$0.384001
5.42%$0.598745
-34.27%$0.230565
9.80%$2,699.82
7.87%$1.11
1.42%$0.059858
18.00%$2.03
5.70%$0.730636
2.96%$2,701.92
7.87%$0.999734
-0.00%$38.72
11.11%$2,819.34
6.43%$0.29547
5.87%$2,879.53
7.65%$2.99
2.57%$0.536186
-4.02%$109,934.00
4.04%$2,917.10
7.80%$0.01553312
8.07%$9.26
-4.72%$2,698.56
7.62%$109,830.00
4.35%$0.19519
6.27%$0.997626
-0.10%$1.22
-19.01%$0.455203
1.75%$0.0048514
9.64%$1.56
12.62%$0.140635
7.28%$0.437664
8.69%$0.397283
20.09%$0.556094
9.53%$50.46
10.83%$0.04978946
3.14%$0.999755
0.01%$6.85
8.54%$15.82
4.49%$0.568001
6.87%$1.00
-0.01%$0.00002243
4.34%$6.31
5.42%$0.086697
6.67%$0.061604
-4.71%$0.596494
3.40%$106,149.00
3.21%$0.0000011
26.72%$1.52
9.48%$1.30
13.34%$2,695.69
7.52%$38.72
11.12%$1.76
6.33%$0.00732861
8.74%$0.00000043
1.30%$2.58
7.70%$0.164205
13.69%$1.089
0.03%$0.993982
-0.41%$2,865.82
7.56%$36.75
-0.22%$0.157844
9.30%$0.00431421
4.98%$0.40247
10.78%$0.999847
-0.07%$0.03975138
4.38%$0.99986
0.11%$0.573211
6.26%$0.01945067
0.50%$2,975.74
7.90%$1.35
7.42%$0.364974
-0.05%$0.00683254
7.25%$0.077457
5.71%$2,944.91
7.58%$0.00440164
-0.71%$8.51
7.67%$109,912.00
4.05%$109,918.00
4.45%$2,698.83
7.82%$0.00405294
3.34%$0.817798
3.40%$21.99
5.13%$0.03408725
0.28%$0.00006145
3.88%$127.25
6.39%$0.02220817
37.18%$174.82
5.43%$0.219057
4.20%$0.72654
13.50%$2,694.27
7.67%$19.84
2.32%$0.33707
4.86%$0.999583
0.02%$1.00
0.16%$0.685525
4.08%$0.00440454
8.51%$0.124964
1.27%$0.00340796
9.31%$2.52
7.70%$0.216536
6.44%$0.309328
3.39%$0.00000147
4.33%$0.294779
12.54%$0.490985
5.35%$0.99982
-0.01%$110,087.00
4.68%$26.61
5.14%$1.007
0.47%$16.84
3.71%Reading
Several decentralized finance (DeFi) cryptocurrencies including Uniswap (UNI), Sushiswap (SUSHI), Chainlink (LINK) and 1inch Network (1inch) have suffered heavy losses over the past 24 hours.
UNI, the native token of the popular decentralized exchange (DEX) Uniswap, has dropped over 8.7% over the past day and is currently trading at just over $5, according to data from CoinMarketCap. The token is the 22nd-largest cryptocurrency with a market capitalization of $3.7 billion. UNI has dropped over 88% from its all-time high of $44.97, recorded in May 2021.
Decentralized oracle platform Chainlink's LINK token is also treading water, down over 8.3% over the past 24 hours. LINK is the currency used by users to run oracles on the Chainlink platform. Oracles for important data bridge between off-chain and on-chain events. LINK is currently changing hands at $6.54, down over 87% from its all-time high of $52.88 recorded in May 2021.
Elsewhere, SUSHI, the token powering the Sushiswap DEX, shed over 7.8% of its value over the past 24 hours. The token currently trades at $1.50, down over 90% from its all-time high of $23.38 in March 2021.
1inch, the 98th-largest cryptocurrency with a market capitalization of $377 million, has also shed over 6.8% over the past 24 hours, and is currently trading at $0.91. 1inch is the native token of the decentralized exchange aggregator platform 1inch exchange.
The primary driver behind today’s bearish price action is likely the sudden drop in total value locked (TVL) across different DeFi protocols fueled by Ethereum's recent price slump. The second-largest cryptocurrency by market cap, which underpins much of the DeFi ecosystem, Ethereum is down over 6% on the day and nearly 5% in the last seven days.
According to DefiLlama, the total value locked across all DeFi protocols currently stands at $139.59 billion, compared to $249.13 billion on May 1, 2022.
Despite Uniswap reaching a total lifetime volume of more than $1 trillion yesterday, the UNI token is in a downtrend.
According to Dune Analytics, weekly trading volume at Uniswap dropped to $3.9 billion last week, down from $10 billion in the previous week. The volumes plummeted to levels last seen in December 2020, indicating a reduced interest in DeFi.
Sushiswap's monthly active users (MAU) dropped slightly from 70,000 in April to 60,000 in May. Its MAU hit an all-time high of 170,000 recorded in November 2021, according to Dune Analytics. Trading volume on the DEX also dropped to just $6 million yesterday, from an all-time high of $1.34 billion last November.
LINK, the native token of the Chainlink platform, is used for multiple purposes across the crypto ecosystem. The majority of the usage is attracted by the keeper network. Chainlink keepers is a smart contract automation service that helps to update off-chain information to smart contracts.
To run a keeper on Chainlink, the primary requirement is to hold a LINK token. Data from Dune Analytics shows a steady decline in the use of the keeper network, resulting in less usage of LINK tokens.
Despite steady growth in the number of transactions and trading volume on 1inch, the DEX aggregator platform's native token 1inch is in a downtrend, correlating with major assets like Bitcoin & Ethereum.
Bitcoin is down 2.3% over the past 24 hours and is currently trading at around $29,100. Ethereum is currently changing hands at $1.845, a drop of over 6.4% over the past 24 hours.
Bitcoin breezed past $110,000 late Monday afternoon, the first time it's passed that threshold in nearly two weeks as investors looked hopefully at current talks between the U.S. and China that could ease trade tensions. And short position liquidations are piling up amid the surge. The largest cryptocurrency by market capitalization was recently trading at about $110,100, up 3.5% over the past 24 hours. BTC has risen nearly 5% over the past seven days after dropping below $101,000 on June 5, par...
Bitcoin's implied volatility has collapsed to its lowest level in a year as tension between the U.S. and China appear to settle after a new round of negotiations began on Monday at Lancaster House in London. The trade talks are projected to run up to at least two days, with the prospect of resuming progress from negotiations in Geneva last month which began to ease tension between the two nations. Bitcoin, meanwhile, has stayed above the $100,000 range, going up 4.5% over the month, with its pri...
Technical analysis of crypto assets can be hard—but we're here to try and make it a little easier for you. Today, we're starting with a near-death-cross experience for Bitcoin, Ethereum finding its footing despite bearish signals, and Fartcoin (yes, Fartcoin) showing strength among alts. Let's get into it: Cryptocurrency markets showed signs of life Monday after a prolonged 13-day correction that tested investor resolve. The total crypto market capitalization rose 1.72% over 24 hours to $3.37 tr...