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The DeFi heat seems to have begun to cool as some of the top DeFi tokens show weak performance, losing more than 50% of their value in just one week.
As the crypto market continues to fall, the tokens that pumped so hard last month are the ones that have fallen the most. DeFi tokens that drove gains in digital asset markets late last month are now leading the loss charts.
Over the past 7 days, total crypto market capitalization has corrected 20% from its 2020 and 26-month highs at around $400 billion. Bitcoin failed to break above $12,000, and ETH’s heavy drop sent the market red.
Research by Messari Crypto shows that DeFI projects have had a rough week with the top 6 tokens losing 50% of their value.
Curve Finance’s CRV token is the biggest loser with a drop of over 65% in the past 7 days. According to Uniswap.info, Curve DAO peaked at $50 shortly after its launch in mid-August. To date, CRV has dropped more than 95% in value, to less than $2.
The “More than 50% Discount Club” also featured Meta (MTA), bZx Network (BZRX), Ren (REN), Airswap (AST) and Wrapped Nexus (WNXM). In addition, BAL, UMA, KAVA, BNT, SNX, YFI and KNC, have all lost between 30% and 40% of their value in the same time period.
However, it should be noted that many of the tokens mentioned above have increased by four percentage points this year. Therefore, the price adjustment is natural.
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