{"id":84492,"date":"2020-10-08T10:38:41","date_gmt":"2020-10-08T07:38:41","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/defi-market-cap-drops-25-in-one-day\/"},"modified":"2020-10-08T10:38:41","modified_gmt":"2020-10-08T07:38:41","slug":"defi-market-cap-drops-25-in-one-day","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/defi-market-cap-drops-25-in-one-day\/","title":{"rendered":"# DeFi market cap drops 25% in one day"},"content":{"rendered":"

“# DeFi market cap drops 25% in one day <\/strong>”
\n<\/p>\n

The decentralized finance (DeFi) bubble continues to deflate, with crypto market data firm Sentiment reporting a 25% crash in the market capitalization of DeFi assets during yesterday alone.<\/p>\n

In a blog post<\/a> published Oct. 8, Santiment estimated that daily DeFi token trade volumes have fallen by 30% combined, while recent market leaders Sushi (SUSHI<\/a>), Uniswap (UNI<\/a>) and Yearn Finance (YFI<\/a>) are among the hardest hit with weekly losses of 51%, 38% and 31% respectively.<\/p>\n

\u201cThe crypto market has been engulfed in a sea of red this week, with most DeFi blue chips recording double digit losses over the past 7 days.\u201d<\/p><\/blockquote>\n

Despite noting that crypto-Twitter<\/a> has already emphatically declared the death of the entire DeFi experiment, Santiment claims to have identified \u201cwhale accumulation\u201d activity taking place around several DeFi assets including Synthetix (SNX).<\/p>\n

Santiment also noted<\/a> that the combined value of DeFi assets at the time they last moved on the MVRV<\/a>\u00a0blockchain\u00a0has dropped to an all-time low, \u201cindicating undervaluation\u201d at current price levels.<\/p>\n

Recently launched DeFi indexes slumped to record lows this past week, with Binance Futures\u2019 DeFi Composite Index crashing 20% yesterday. The index<\/a> has now fallen 63% from its first day of trading in late August.<\/p>\n

TokenSet\u2019s DeFi Pulse Index (DPI<\/a>) also fell 20% yesterday, slumping to tag a record low of $71 \u2014 posting a near 50% retracement since launching four weeks ago.<\/p>\n<\/div>\n