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Most DeFi tokens crash by 50% in one week.

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INDIA

Sep, 23 2020

Sep, 23 2020

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95% of DeFi assets have posted a seven-day loss due to the recent crypto market crash that has wreaked havoc on DeFi tokens. 

The bubble of decentralized finance (DeFi) appears to have popped for the time being. Nearly half a dozen top DeFi tokens have shed half of their fiat value over the past seven days.

 

Crypto market data firm Messari has released a list of DeFi assets. Thirty-two of thirty-four of markets are down over the past week. Only PowerPool (CVP) and SushiSwap (SUSHI) have posted seven-day price gains. The markets hardest hit include Curve. It is down 65% this week. Meta follows it with a 58% loss. Ren is at 52%, AirSwap with 51%, and bZx Network and Wrapped Nexus Mutual with a 49% draw-down each.

 

This sell-off has erased the gains enjoyed by most DeFi markets during August’s month of record volatility. More than 60% of the tokens featured in Messari’sDeFi list posted a 30-day loss. Again, Curve leads the monthly losers with a 58% loss. Bancor follows this with 57.8%, Kava with 50%, and Meta with 46%. Tokens of Ethereum (ETH), in general, have suffered this past week. Only 14 of 178 markets posted again. Seven of these are stablecoins. Only a couple of Ethereum security tokens were able to post double-digit gains this week. ZB and Origintrail topped the list with roughly 15% each. Only less than one-third of Ethereum tokens have retained 30-day gains.

 

This publication of Messari’s findings has sparked a variety of responses on Twitter. Several people feel that DeFi is going straight into the ground. Just another series of scams. Many traders appear to view the price slump as an opportunity to stockpile discounted tokens. It may be a great time to scoop up some at those prices. DeFi services have been getting traction recently. Some of the largest banks in South Korea decided to provide FX rate information to DeFi services.

 

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