DeFi Industry Capitalization Fell by 25% in a Day
According to the analytical company Sentiment, in just one day on October 7, the capitalization of the DeFi industry dropped by 25% at once, and trading volumes fell by 30%.
Most of all lost tokens of industry leaders – the Sushi and Uniswap decentralized exchanges, as well as the Yearn Finance project. Over the week, the tokens of these projects lost 51%, 38% and 31%, respectively.
“The cryptocurrency market has shown a decline this week. Including the largest DeFi projects recorded a double-digit drop over the past 7 days, ”- write analysts in the company’s blog.
Despite the fact that Twitter reports began to appear that the “DeFi bubble is bursting”, researchers found signs of accumulation of tokens by large players in some projects. The SNX token of the Synthetix project is also on this list. Sentiment analysts believe that the tokens of large DeFi projects are now undervalued.
Recently, the management of Pantera Capital, a cryptocurrency hedge fund, announced its readiness to invest significant capital in tokens of DeFi projects.