The decentralized finance (DeFi) space has seen an extreme correction over the past few days and weeks in spite of a Bitcoin rally. The leading cryptocurrencies pertaining to this space are now down by over 70% from their all-time high (on average) while BTC has gained 30% in the past two weeks.
For one, Yearn.finance (YFI), a top DeFi <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.<p class="wpg-read-more"><a href="https://www.newsbtc.com/dictionary/coin/">» Read more</a><p></div>”>coin, has dropped by around 20% from its all-time high. YFI peaked at $44,000 some two months ago as buyers flooded in en-masse, though the correction that followed was severe as early investors sold off. For one, one of the DeFi’s coins most ardent supporters liquidated his entire stash of coins, on-chain data shows.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Top DeFi Coins Continue to Crash
Top DeFi coins continue to crash despite strength in the price of Bitcoin and Ethereum. ETH is surging higher on the news of the ETH2/Serenity Deposit Contract being released by developers of the upgrade today.
Uniswap, Yearn.finance, and Aave have all dropped majorly over the past 24 hours. Uniswap’s UNI is the worst-performing large-cap DeFi <span class="wpg-tooltip-term-title">Coin</span></h3><div class="wpg-tooltip-content">A coin is a unit of digital value. When describing cryptocurrencies, they are built
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