DeFi coins fell sharply over 50%, according to data released by Binance.
While it affected the whole cryptocurrency world last month, DeFi coins were also thrown with a downwind. According to Binance’s DeFi Index, the decentralized financial world has lost over 50% since the end of August.
Binance’s DeFi Index is based on the weighted averages of DeFi tokens and their market performance. The index, which started to be published in late August, saw $ 1,189 at first and this figure is still a record for the index. The index dropped to $ 515 as DeFi coins failed to perform in the early days. The data now shows $ 522.
What Was What Happened
- Chainlink (LINK), which took first place by market value, managed to increase it to a record $ 19.83 in mid-August. But immediately after, it turned upside down with intense selling pressure in the $ 20 band and saw $ 7 again with the consolidation of September. The LINK price is currently hovering around $ 9.40, which is less than half the record high.
- Aave (LEND), which has a market value of $ 666 million, is also well away from its bright days at the end of August. LEND is traded 40% below the $ 0.88 record it broke in August, and is traded for $ 0.53.
- Uniswap’s own crypto currency UNI coin, which fell to the market with a bomb effect, reached its own record of $ 8.40 just 1 day after its launch. After the UNI trend that failed to sustain this success and went like a bubble, the token is now trading at $ 3.55.
- Yearn.finance (YFI), which market commentators have made crazy predictions about “it could be $ 1 million,” is another hard hit. YFI, which increased its price to over $ 43,000 by overtaking Bitcoin, is currently traded for just under $ 20,000.
- Synthetix Network Token (SNX), which is ranked 7th among DeFi coins in terms of market capitalization, has declined close to 20% in the last week. Having seen its own record on the first day of September, the SNX climbed to $ 7.84. Currently trading approximately 45% below this value, SNX is bought and sold at $ 4.29.
- Compound (COMP), one of the first decentralized finance coins, saw the record level earlier than the others and was unable to survive this month without damage. With its price up to $ 372 at the beginning of the yield farming craze coming with DeFi, COMP is currently trading at $ 122.