Scouring for bottom markers in today's DeFi carnage

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Ibis
Oct 7, 2020

It's the slaughtering of the sacred DeFi cows.


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:

DeFi screener, past 7 days (Source: Sanbase)

According to our DeFi watchlist, the collective market cap of all DeFi-related assets has shrunk by 25.1% in the last 24 hours alone, with their daily trading volumes down by a combined 30.2%.


As expected, many of the crowd’s favorites are among those hit the hardest, with SUSHI down by 50.9% for the week, Uniswap’s new token (UNI) losing 38.2% and Andre Cronje’s YFI down 31.3%.


With so many DeFi tokens erasing a bulk of their summer gains, it didn’t take long for crypto Twitter to emphatically declare death of the entire DeFi experiment:

And while most

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Assets from this insight

Uniswap logo

UniswapUNI

$ 3.75

8.00%in last 7d
SushiSwap logo

SushiSwapSUSHI

$ 1.25

9.08%in last 7d
yearn.finance logo

yearn.financeYFI

$ 22578.65

12.29%in last 7d
DFI.Money logo

DFI.MoneyYFII

$ 1964.20

5.87%in last 7d
Compound logo

CompoundCOMP

$ 124.94

8.94%in last 7d
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