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There are a few weeks left until the system-wide Ethereum 2.0 update. As the scheduled update date approaches, the price of ETH continues to rise. Ethereum (ETH), the second largest cryptocurrency in the world by market capitalization and adoption, grew 15% last week (trading at just over $ 400), while broader cryptocurrency markets are experiencing high volatility, he notes. OKCoin in its recent report.
The extensive report confirmed that some decentralized finance (DeFi) assets are undergoing a price correction after rising sharply in recent weeks. The OKCoin team also pointed out that both Bitcoin (BTC) and Ethereum have risen by around 15% over the past week, but most DeFi tokens appear to have stopped.
Major DeFi tokens including Aave (AAVE), Synthetix (SNX), ThorChain (RUNE), Yearn.Finance (YFI), and Compound (COMP) have fallen by around 10% over the past week.
OKCoin team confirmed:
Ethereum 2.0 came close this week when a developer working on the update revealed that the deposit client code is ready for release. DeFi saw continued interest from Silicon Valley this week as Naval Ravikant, a legendary angelic investor, talked about it on a podcast. A new decentralized finance project called Barnbridge has launched with over $ 200 million worth of stablecoins in its yield farming pool – a record. “
Cryptocurrency fund manager Su Zhu said the underperformance of the altcoins could be “linked to the strength of Bitcoin’s upward movement”.
Zhu said that BTC “rising rapidly is not only not bullish for the alt, but it is bearish, [because] ,,, money is a coordination game and Bitcoin is Schelling’s point; this is independent of how you feel about it, the community is literally irrelevant. “
Spencer Noon, Head of DTC Capital, said that while major DeFi tokens like AAVE and YFI have dropped more than 50% from their all-time highs, the “most important indicators” for the health of this nascent sector are indeed heading towards. new historical highs. For example, the total value locked in DeFi smart contracts exceeded $ 12.3 billion (at the time of writing). Meanwhile, the number of ERC-20 compliant stablecoins has reached a valuation of $ 14 billion.
Noon added:
“Despite a month having seen most tokens drop by 50% or more, #DeFi is * still * at the ATH with its most important indicators … Don’t listen to the degenerates that have run out. DeFi’s bull market will make this summer seem like nothing … I believe burnout played a major factor in the recent DeFi drawdown. Farmers spent 3 months (May to August 2020) making serious gains, but barely sleeping. When the market has naturally corrected itself, many of my farmer friends have decided to step aside out of sheer tiredness. “
Naval Ravikant, a billionaire angel investor known for his investments in Uber, Twitter and many other tech companies, recently noted:
“And so many people who are now participating in the cryptocurrency world are building decentralized Wall Street, they call it DeFi, DEFI, for decentralized finance. But actually I think it’s more like CHALLENGE like, challenging the government, CHALLENGE. “
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