The decentralized finance (DeFi) assets have continued to fall by 25.1% while volumes shrunk 30% in the last 24 hours alone according to data from Santiment.
Santiment estimated that daily DeFi token trade volumes have dropped by 30% combined. However recent market leaders Sushi (SUSHI), Yearn Finance (YFI) and Uniswap (UNI) are among the hardest hit. With weekly losses of 51%, 31% and 38% respectively.
The report reads,
[blockquote footer=””]“The 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.”[/blockquote]
However noting that crypto-Twitter has already emphatically explained the death of the whole DeFi project. Santiment claims to have identified whale accumulation activity taking place around several DeFi assets including Synthetix (SNX).
[image lightbox=”1″ caption=”Santiment Tweet“]https://thenewscrypto.com/wp-content/uploads/2020/10/Santiment.jpg[/image]
Santiment also mentioned that the combined price of DeFi assets. At the time they last moved on the MVRV blockchain has decreased. To an all-time low, “indicating undervaluation” at current price levels.
[image lightbox=”1″ caption=”Bitcoin MVRV Ratio“]https://thenewscrypto.com/wp-content/uploads/2020/10/MVRV.jpg[/image]
More like Bitcoin peaked to $20,000 in a rapid climb in 2017 on a speculative aspect, the coin then fell and faced a bearish market for more than 18 months. The same may happen with DeFi. It could drop down to a low point, but then rise up again in a sustainable manner.