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Saturday, September 25, 2021

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The DeFi crash has this effect on Uniswap, AAVE, Maker, Yearn Finance

Uniswap, AAVE, Manufacturer, and Crave Finance are some of the best performing DeFi assets out there in the space right now. While DeFi has grown monumentally in recent months, with Cardano launching its flagship smart contract network today, the excitement is unmatched. Even so, the market has seen a significant drop in the value of DeFi. And with that, these altcoins also took a hit.

Low DeFi

The total value locked into DeFi this week fell sharply, falling about $ 11 billion, from $ 98 billion. This is not necessarily new as it has happened twice this year before after a bull run, first in February and then in May. In February it fell 18,000 million dollars and in May 19,000 million dollars.

However, at $ 87 billion, it was it’s still much higher than ever, so there’s not much to worry about there.

DeFi TVL in the past | Source: DeFi Pulse – AMBCrypto

Consistent with the drop in TVL, the DeFi Pulse Index (DPI) fell 16.62% at press time. In the worst case, it plummeted 24.01%. However, the concern is when it comes to the best performing DeFi assets, such as Uniswap (UNI), AAVE, Maker (MKR), and Yearn.Finance (YFI).

In the last 5 days, each of these tokens fell more than 20%. Uniswap witnessed the highest drop of all, dropping to 26.86% (UNI)

Uniswaps drops 26% | Source: TradingView – AMBCrypto

So what is the best asset?

Although UNI fell the most, it was also the strongest in terms of network performance. MVRV relationship and network value to transactions showed a marked dominance of Uniswap over the other altcoins.

MVRV of assets | Source: Coinmetrics – AMBCrypto

In terms of investor participation, UNI once again leads, followed by AAVE, YFI and MKR. Uniswap is once again the top performer, both in terms of daily active addresses and transaction numbers.

Active direction for coins | Source: Coinmetrics – AMBCrypto

But in terms of profitability, the ranks changed. MKR is the most profitable option at the moment with YFI and UNI following it. Here AAVE came out as a bad asset since its profitability is barely 37%.

AAVE’s profitability stands at 37% | Source: Intotheblock – AMBCrypto

However, here are the latest updates. UniCode Hackathon event announced for the Uniswap community. Maker Foundation moved to dissolve to make way for a fully decentralized network. Lastly, $ 868k of profit reported by YFI in the second quarter, through agricultural yield treasuries.

These were helping the price to go up and making the 3 alts a better investment option. So AAVE, you may be the one here to stay away.

This is a machine translation of our English version.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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