(Wed) MASSIVE crypto FOMO – $BTC and $ETH reaching new highs. Alts to explode
DeFi market lost $ 1.5 billion due to falling Ethereum rate
DeFi Total Locked Value Drops $ 1.5 Billion Over Last Five Days
Over the same period, the Ethereum rate decreased by 4%
ETH volume in the DeFi market has stagnated since mid-September
DeFi tokens have dropped more than 50% since September
The hype around the decentralized finance market has definitely served as a catalyst for the cryptocurrency bull market this past year. However, in recent weeks, for those observing capitalization and total locked value metrics in the DeFi market, Decentralized Finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … More, reasons for no optimism.
Over the past five days, the total value of blocked assets in the DeFi segment has dropped by as much as $ 1.5 billion, according to data from DeFi Pulse..
Accordingly, the economic value of the industry has decreased by almost 12%.
In fact, this is largely due to the drop in the Ethereum rate, which fell by 4% in about a week. The amount of blocked funds in the decentralized finance market expressed in ETH has remained practically unchanged since September 16, and over the past five days the amount of ETH blocked in DeFi applications has dropped by 3.5%.
Last week has been challenging for Ethereum in general.
Since October 25, the ETH rate has been declining after unsuccessful attempts to break through the $ 400 mark. However, today, October 31, the rate of the cryptocurrency is increasing and at the time of this writing was $ 390, having previously touched the lows around $ 374.
DeFi tokens are going through tough times
Currently, DeFi tokens are not doing well either, with some coins having dropped more than 50% since September.
For example, a token As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More UNI, owned by Uniswap, drops from $ 7.82 on September 18 to $ 2.32.
In other words, in a little more than a month, the coin fell by 70%. Meanwhile LINK lost 50% of its value over the same period..
Even more impressive losses were suffered by such tokens as UMA (-74%), Compound (-61%), Sushiswap (-94%) and Yearn.Finance (-75%).
However, not everything is so bad in the decentralized finance industry..
More Bitcoin investors are interested in the DeFi market, as evidenced by the number of tokenized BTC on the Ethereum network, which surpassed $ 2 billion earlier this week..
All information, contained on our website, published on the principles of good faith and objectivity, and for informational purposes only. Reader independently bears full responsibility for any actions, committed by him on the basis of information, obtained from our website.