Scouring for bottom markers in today's DeFi carnage
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:
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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