Messari: Many DeFi Coins are going 'underground'

Messari: Many DeFi Coins are going 'underground'

By HenryDo | CRYPTO CAPICAL | 10 Sep 2020

The strong dump of bitcoin and the cryptocurrency market recently devastated the DeFi market, with 95% of DeFi Coin declining in the past seven days.

defi coin

The DeFi market is witnessing a massive decline in coins in many of today's top DeFi projects, with more than half a dozen DeFi Coins halving their fiat value over the past seven days.

According to crypto market data analysis firm Messari, 32 of the top 34 DeFi Coins have fallen in the past seven days, with PowerPool (CVP) and SushiSwap (SUSHI) alone rising in value over the past few days.

Among the top DeFi Coin, Curve (CRV) was the hardest hit, down 65% in the past seven days. Followed by Meta with a 58% drop, Ren with 52%, AirSwap with 51%, and bZx Network and Wrapped Nexus Mutual with a 49% drop.

The slump since early September wiped out any growth in the DeFi market in August. With more than 60% DeFi Coin on Messari's DeFi list down 30 days since writing this.

The strongest monthly drop continued with Curve (CRV) at 58%, followed by Bancor with 57.8%, Kava with 50% and Meta with 46%.

Many Ethereum-based DeFi projects in general have been hit hard in the past week. Seeing many of the DeFi Coin's price declines, one investor commented that "DeFi is going straight to the ground, only a few projects have potential ... the rest are scams"

Many people see this decline as a good opportunity to accumulate more DeFi Coin, an investor affirmed "the market is only temporary after many strong increases, this is a great time to accumulate more", because after this decline, the market will soon recover and DEFI back race.

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