While Chainlink (LINK) ranks high in the DeFi (decentralized finance) market capitalization rankings, there is a mad battle for second place between UMA, Aave, and yearn.finance.
As we entered September, some DeFi tokens such as UMA moved closer to the top of the market value rankings. According to data from CoinMarketCap (CMC), on Tuesday last week, UMA had a market value of about $ 392 million. A week later, the market value of DeFi cryptocurrency UMA has approached $ 1.1 billion. That seems enough to take the second place behind Chainlink (LINK), which has a huge market value of $ 5.6 billion. Likewise, according to CMC data, UMA is currently in the second place on the DeFi list.
The move placed UMA above yearn.finance (YFI), which has a market value of $ 404 million at this point last week. While Yearn.finance grew at an explosive rate, the UMA did not grow as drastically as it, but still managed to surpass the $ 1 billion market value today.
Also, the current DeFi cryptocurrency Aave, which is relatively stable when it comes to decentralized finance, is also involved in this battle. But the cryptocurrency has dropped from $ 988 billion to $ 890 billion in the past seven days. Aave is currently ranked fourth on the list.
Everything Can Be Different in DeFi
Assuming that the market value of some DeFi coins has doubled in a week, this of course means that things could take a very different turn later. For example, SushiSwap (SUSHI) was absent last week. It now ranks 65th in the CoinMarketCap ranking with a market capitalization of $ 238 million. However, as we have reported today, another project named KIMCHI emerged and managed to shake the crypto money market in 4 hours.
UMA, short for Universal Market Access, defines itself as a “decentralized financial contracts platform”. The token uses the ERC-20 standard on the Ethereum blockchain and allows users to create their own synthetic tokens and derivative contracts.
In DeFi’s “Wild West” world, users obviously want to create more than tokens. Most of them struggle to make money. And there are many things that are changing hands right now. The coin, which is extremely valuable today, may drop to 0 tomorrow.