$103,054.00
-1.41%$2,389.26
-5.25%$2.11
-2.47%$640.06
-0.57%$138.98
-5.23%$0.999804
-0.01%$0.273125
-0.31%$0.161704
-5.36%$2,385.80
-5.42%$0.573413
-4.65%$102,958.00
-1.46%$33.41
-8.92%$2,879.25
-5.52%$473.69
-4.98%$2.70
-4.91%$12.41
-5.17%$8.88
-1.23%$0.241059
-3.41%$17.29
-4.43%$2.93
-1.12%$0.999772
-0.02%$48.95
-0.72%$0.00001123
-2.92%$0.9999
-0.01%$2,386.16
-5.41%$82.57
-2.86%$2,553.70
-5.43%$0.143637
-2.83%$312.75
1.67%$1.00
0.01%$3.42
-3.84%$4.23
-1.23%$103,024.00
-1.50%$7.01
-9.24%$0.00000976
-5.33%$0.536376
-0.18%$245.84
-4.05%$1.18
-0.02%$51.57
-2.25%$338.50
-3.69%$1.00
0.00%$4.25
-3.10%$0.087492
-3.74%$4.89
-3.04%$1.056
0.01%$2.06
-5.59%$168.18
-5.15%$16.02
-4.27%$0.729414
-5.43%$27.71
-5.35%$0.999199
-0.03%$0.627864
-0.71%$16.72
7.47%$4.46
0.67%$9.15
-2.00%$0.06824
-2.14%$0.02073142
-4.46%$3.91
-3.54%$102,985.00
-1.26%$0.645915
-4.66%$0.077036
-3.50%$0.181523
-3.64%$0.262985
-6.99%$3.03
-4.39%$2.25
-3.93%$0.99553
-0.10%$4.27
-2.51%$0.999787
0.02%$2,386.54
-5.34%$0.876473
-5.80%$0.165505
-2.25%$0.28511
-5.56%$96.08
-2.58%$11.00
-0.51%$0.999612
-0.06%$146.65
-5.68%$1.20
-1.40%$0.01704111
-4.32%$0.192697
7.57%$0.202723
6.28%$2,719.22
-5.35%$0.37676
-7.15%$2,504.25
-5.12%$10.94
-3.80%$1.57
-4.14%$0.00001343
-5.71%$0.999939
-0.01%$1.081
-17.26%$1.53
-9.05%$1.00
0.03%$0.999839
0.04%$0.058349
1.13%$0.606264
-2.95%$0.925973
-10.79%$0.537305
-4.83%$2,564.46
-5.13%$2,507.03
-5.15%$102,983.00
-1.27%$3,391.18
0.10%$640.70
-0.51%$0.267719
-16.61%$102,768.00
-1.65%$3,376.61
0.17%$0.01259386
-16.66%$2,509.35
-5.60%$103,282.00
-2.01%$1.11
-0.00%$0.07994
-4.43%$0.497211
-2.36%$0.565023
-4.06%$2.62
-15.43%$0.757889
-4.44%$0.387237
-4.75%$2.13
-6.38%$111.51
0.03%$155.30
-5.27%$2.17
-1.56%$0.81933
-10.01%$0.00007081
-4.68%$180.81
-5.24%$0.998182
-0.09%$2,581.39
-5.29%$0.726484
-6.48%$0.650992
-4.25%$39.75
-4.43%$1.094
0.02%$18.60
-5.91%$0.01367393
-3.72%$30.72
-6.17%$0.997823
0.04%$0.158467
-3.63%$0.245727
-3.32%$3.66
-6.22%$0.00000059
-1.40%$102,753.00
-1.26%$0.01199025
-3.92%$0.00898266
-3.82%$0.999559
-0.04%$0.412871
-5.80%$0.208065
0.79%$103,144.00
-1.13%$2.02
-9.61%$0.53606
-2.22%$0.51282
-3.54%$0.09204
-5.88%$0.332257
-2.97%$2,389.33
-5.24%$2,390.05
-5.19%$103,030.00
-1.32%$2,506.28
-5.65%$2,561.37
-5.17%$0.997763
-0.02%$2,385.83
-5.42%$33.47
-8.98%$0.611322
-3.00%$0.449829
-5.72%$0.246962
-2.86%$1.33
-5.79%$7.86
-8.31%$0.01308917
-4.97%$48.67
-5.38%$2.40
-2.05%$0.405188
-0.30%$0.061112
0.60%$0.999804
0.00%$0.99996
0.01%$1.00
-0.02%$0.161311
-5.47%$0.00000042
-0.08%$1.091
0.01%$36.85
-1.55%$0.991212
-1.31%$1.003
0.30%$33.45
-8.92%$0.03901474
-8.46%$0.380451
-4.79%$0.479997
-5.76%$5.35
-4.00%$13.20
-3.46%$2,385.45
-5.39%$0.00001874
-5.19%$2,538.47
-4.94%$1.18
-8.14%$0.00395259
-2.76%$0.367884
-1.49%$0.498537
-2.24%$0.107193
-4.14%$0.303741
-4.09%$0.070307
-3.16%$2.18
-2.84%$0.00614252
-4.56%$1.23
-8.53%$0.938446
-6.60%$1.12
-6.52%$0.00387486
-4.59%$0.01733177
-0.93%$0.03376184
1.23%$0.03370566
3.90%$0.159815
0.49%$2,635.72
-5.19%$5.06
-5.98%$0.03409083
-2.74%$1.36
-3.64%$0.125791
-2.82%$0.129005
-3.18%$102,712.00
-1.76%$0.318706
-4.59%$2,607.97
-5.37%$19.30
-1.10%$102,346.00
-2.00%$0.00311991
-5.80%$0.999758
-0.05%$0.998892
-0.03%$0.998491
-0.10%$0.00000079
-8.33%$0.00005654
-1.33%$2,387.43
-5.35%$0.999946
-0.00%$0.719887
-1.83%$151.26
-5.16%$0.00000146
-1.54%$0.445357
-4.53%$1.063
-5.71%$2,384.42
-5.40%$0.00340362
-4.34%$0.999263
0.10%$0.0608
-4.74%$106.73
-3.68%$103,044.00
-1.80%$9.39
0.60%$1.70
0.02%$0.280072
-3.94%$1.015
0.12%$0.601136
-2.95%$17.28
-4.64%$0.181959
-3.47%$0.00499827
-5.40%$0.643202
-13.62%$2,068.64
-1.45%$0.57525
-4.08%$98,391.00
-3.59%$101,217.00
-1.39%$0.180133
-3.79%$0.01622539
-1.63%$5.88
-5.57%$0.486161
0.58%$0.999585
0.03%$19.45
-1.92%Reading
The prices of top decentralized finance (DeFi) tokens have declined significantly over the last month. The DeFi Composite Index, launched by major crypto exchange Binance in late August, has fallen by over 50% since its inception.
According to Binance, the index is calculated using weighted averages of a DeFi tokens basket and tracks the market performance. It includes lending platform Compound’s COMP, DeFi darling yearn.finance’s YFI, Band Protocol’s BAND and other popular DeFi tokens.
Initially, the index reached a peak value of $1,189 but has now fallen to its current price of $515—due to a decline in the prices of its underlying coins.
DeFi’s decline, which began in mid-September, has continued over the past week, according to crypto analytics platform CoinGecko. High-profile projects such as Cream (CREAM), yearn.finance (YFI), Sushi (SUSHI), Uniswap (UNI) and Curve (CRV) remain in a downtrend and have each lost roughly 27% to 55% of their value over the past week.
Commenting on the behavior of YFI, which peaked above $43,600 in the past and is now trading at roughly $18,000, The Block’s analyst Larry Cermak noted that its future is currently unclear, partly because there are not enough people willing to buy YFI at such prices.
“I think that’s part of it but my hypothesis is that it is because yield is dropping and with the lack of market buyers, it’s not clear when it will return in strength,” Cermak tweeted yesterday, adding, “Therefore most metrics that people watch for yearn are down in recent weeks and morale of holders is low.”
Analyst Johnny Mo also pointed out that YFI charts are not looking promising for the foreseeable future. He expects the price to fall towards “at least [the] $10,000 range,” adding that YFI’s horizontal support is only at the $6,000 level.
Not a good look for $YFI. Target at least $10k range, but horizontal support down there is at $6k. pic.twitter.com/ogflPRWhWr
— Jonny Moe (@JonnyMoeTrades) October 3, 2020
On the other hand, Alex Svanevik, CEO of analytics platform Nansen, expressed confidence in the DeFi industry, saying that it will ultimately emerge victorious thanks to its low entry barriers.
The main reason DeFi will win is that it has the lowest barrier to entry.
Fintech companies spend half their time asking for permission from the incumbents.
Meanwhile, DeFi teams can innovate.
— Alex Svanevik 🧭 (@ASvanevik) October 4, 2020
“Fintech companies spend half their time asking for permission from the incumbents. Meanwhile, DeFi teams can innovate,” he added.
But that won’t affect the prices in the short term.
Bitcoin is widely considered the most secure and decentralized digital asset. But for all its strength as a store of value, it’s historically offered little financial utility due to network limitations, while its ballooning price has kept it from being seen as everyday spending money. Bitcoin DeFi, also known as BTCfi—a term referring to decentralized finance applications built on Bitcoin—is emerging to change that. Sui is one of several layer-1 blockchains now supporting Bitcoin-based functiona...
The price of several tokens tied to Ethereum-based projects in decentralized finance, or DeFi, spiked on Tuesday after the Securities and Exchange Commission signaled that it’s taking steps internally to become more accommodative of the emergent subsector. Ethereum was recently changing hands around $2,700, an 7.2% increase over the past day, according to crypto data provider CoinGecko. Uniswap, Aave, and Sky, were up 23%, 16%, and 15% respectively, rising to $8, $305, and $0.90. On Monday, SEC...
Layer 1 blockchain and smart contract ecosystem Nibiru has launched Block Party, a points program designed to reward real user participation across its DeFi ecosystem. Participants can earn Aura by interacting with applications on Nibiru EVM through trading, liquidity, lending, or quests. WEN? 🔥 Introducing Nibiru Block Party launching this summer, a points program rewarding you with Aura for swaps, liquidity, lending & quests powered by @merkl_xyz and @galxe 🧵 pic.twitter.com/uDAnrohiYC — Ni...
