$93,696.00
5.61%$1,813.50
11.02%$2.27
8.13%$611.93
0.97%$152.01
8.15%$1.00
0.00%$0.182997
11.23%$0.706091
10.47%$0.246208
0.85%$1,811.03
10.93%$93,537.00
5.53%$15.04
11.70%$22.79
11.69%$2.90
23.15%$0.272859
9.05%$9.07
2.77%$0.00001368
8.06%$3.14
7.35%$0.185878
7.28%$2,167.69
10.70%$0.999946
0.01%$359.69
3.45%$84.46
5.65%$18.93
2.23%$4.13
8.99%$4.59
2.79%$1.001
0.08%$1,801.83
10.41%$0.999157
0.01%$0.666854
4.54%$228.49
4.95%$28.57
0.58%$1,922.26
10.74%$0.00000913
11.38%$93,757.00
5.72%$6.04
11.00%$5.37
8.17%$52.23
2.23%$2.49
10.68%$0.935848
8.11%$23.74
2.42%$335.06
0.51%$5.20
9.92%$32.95
2.64%$17.00
8.20%$0.091804
4.35%$166.87
12.10%$1.049
-0.09%$1.00
0.00%$0.09509
2.69%$4.64
4.38%$0.709052
3.78%$0.02616993
9.72%$1.16
-0.12%$4.40
6.83%$0.351649
17.61%$0.222664
3.76%$93,607.00
5.86%$0.21929
11.73%$9.36
9.20%$4.23
0.07%$2.75
8.99%$2.82
10.78%$0.522466
8.78%$0.629504
5.61%$0.332256
9.86%$0.998203
0.04%$4.14
5.06%$93,357.00
5.32%$10.34
4.78%$0.453463
10.20%$1,513.96
8.76%$159.49
8.58%$0.759874
8.55%$0.078081
8.31%$0.806286
5.39%$0.0000158
19.77%$0.65543
32.38%$1.18
8.52%$0.869731
9.62%$1,813.45
10.95%$1.072
2.21%$0.01681659
3.68%$1,877.96
10.52%$71.64
5.98%$3.84
5.81%$0.67513
6.29%$0.19545
7.52%$1.00
0.02%$9.49
9.54%$15.88
6.75%$0.682319
7.52%$0.092211
8.56%$0.999691
-0.07%$2,034.32
10.68%$1.001
0.11%$3,341.04
-3.86%$1.00
0.03%$0.01671778
16.54%$612.89
1.15%$92,207.00
4.80%$3,339.91
-3.98%$195.49
8.16%$2.61
10.23%$0.01718318
6.92%$93,754.00
5.76%$167.64
8.16%$0.818778
11.54%$0.300594
8.03%$0.195346
12.59%$1,927.76
11.08%$0.120042
5.40%$0.699735
8.90%$3.83
10.44%$0.997557
-0.05%$0.673296
4.25%$0.00006946
16.87%$0.01942373
13.44%$0.401767
6.76%$2.02
3.27%$94,141.00
5.66%$0.00000064
4.79%$0.504839
14.44%$0.99997
0.11%$30.85
5.39%$0.248575
11.17%$1.11
0.91%$1.85
6.39%$0.315501
5.01%$17.32
12.84%$0.0062141
-1.13%$1,884.93
10.41%$3.51
4.74%$0.543907
6.96%$0.563223
23.25%$0.154511
7.62%$0.563493
5.56%$33.53
7.61%$0.553888
13.90%$0.788815
31.60%$92,759.00
6.26%$0.99879
0.00%$0.646166
8.40%$0.198197
79.38%$0.454786
7.41%$0.0085466
2.65%$94,814.00
-0.23%$0.067203
-1.08%$1.73
7.69%$93,644.00
5.63%$0.183133
11.25%$0.04769687
35.30%$1.00
0.00%$1.31
4.66%$1,888.94
14.26%$1.00
0.00%$2.11
5.04%$0.00002227
6.31%$0.00695149
31.43%$15.62
8.88%$1,798.54
10.32%$0.148505
9.12%$6.05
9.45%$110.78
0.01%$6.50
15.14%$93,526.00
5.74%$0.00000043
0.22%$2.55
10.04%$0.512192
9.91%$0.505387
25.07%$1.003
0.19%$1.084
0.01%$3.69
5.84%$0.078157
7.93%$0.343156
20.65%$0.041627
10.60%$1,811.88
10.96%$1,810.79
10.86%$43.57
8.16%$0.223288
3.72%$1,930.43
11.06%$0.00729624
11.61%$0.383928
17.27%$0.082097
7.36%$1,811.53
10.87%$0.999574
-0.00%$1.00
0.02%$0.178226
3.97%$21.66
-0.86%$0.5732
7.51%$0.00417216
6.46%$1.00
-0.27%$0.00006407
5.51%$0.829923
5.98%$0.01734382
1.66%$1,848.19
11.00%$1.00
-0.12%$0.00000157
18.34%$0.999671
-0.01%$0.03178532
2.07%$0.33385
7.75%$0.118619
-0.78%$0.00446408
75.10%$2.73
9.13%$0.302645
35.07%$0.668423
16.05%$93,583.00
5.59%$0.24275
8.90%$1.20
9.45%$114.52
7.84%$1.00
-0.03%$26.69
6.13%$0.648808
10.97%$3.64
6.05%$94,824.00
7.37%$0.139656
-0.19%$0.6836
0.12%$1,780.70
10.24%$0.999406
-0.09%$2.94
6.49%$22.47
7.11%$0.273901
5.14%$3,187.04
0.00%$1,900.50
10.29%$1,810.76
10.95%$0.189221
5.84%$0.113051
4.90%$0.514682
6.79%$0.03699636
3.15%$15.54
10.40%$0.974149
13.26%$0.01278377
6.72%$0.00284283
6.82%$22.79
11.67%$0.742577
6.29%$0.02971956
5.84%$0.443817
6.36%$1,881.15
5.53%$1.029
9.54%$0.00
12.32%$1,986.37
11.07%$0.238984
17.67%$2.26
6.50%$1,959.46
10.43%$0.999832
-0.05%$1.00
-0.00%$93,806.00
5.79%$0.0000006
18.67%Reading
Following a period of rampant speculative activity, decentralized finance (DeFi) assets now appear to be suffering from a major correction.
Though average cryptocurrency has lost 2.9% in the last week, DeFi assets have been hit harder than most in this time. The top 10 DeFi assets have an average loss of 23.4% over the last week. Scaling further back, these DeFi assets have performed even worse, having lost an average of 27.44% in the last 30 days.
Yearn Finance (YFI) is currently the worst performer over the 7-day timeframe, having lost 36.93% of its value in this time to reach its current price of $14,525. UMA, on the other hand, is the worst performer on the 30-day chart, having lost 58.7% in this time to reach $6.04—its lowest value since August.
The decentralized finance (DeFi) ecosystem uses non-custodial, autonomous financial products to replace centralized middlemen in financial applications such as loans, insurance, and derivatives. Uniswap is an example of one of the core products in the DeFi ecosystem, the decentralized crypto exchange, or DEX. DEXs aim to solve many of the problems of centralized exchanges, including the risk of hacking, mismanagement, and arbitrary fees. However, decentralized exchanges have their own problems,...
However, while the DeFi bubble is bursting—these coins are still up since the start of the year, largely because most of the coins are so young. All but two top 10 DeFi assets are up significantly against the US dollar (USD) when measured year-to-date, with Aave (LEND) currently leading the pack with its 2,252% gains while Yearn Finance isn't far behind with 1,271% gains this year.
Reversing this cycle now would require a significant new catalyst. Reversed sentiment and new market buyers. Since most of the governance tokens were designed to be yield farmed, they have really high inflation and that further destroys the price in an environment like this
— Larry Cermak (@lawmaster) October 7, 2020
Following a period of strong speculative activity, cryptocurrencies often experience either temporary, long-term, or permanent corrections, which see their value drop considerably due to sudden ship in the dynamics of supply and demand. As the data shows, newer, less battle-tested assets like Yearn Finance, UMA and Uniswap (UNI) may be less resistant to these sudden sell-offs—potentially because they haven't yet developed sufficient order book depth, while more established assets like Maker (MKR) and Kyber Network (KNC) have held up relatively well.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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