The largest DeFi tokens have lost more than 50% during the last month. At the end of August, Binance rolled out a decentralized finance token index. This index, which is available on the platform under the ticker DEFIUSDT, has fallen by more than 50% since its launch.
On its first day of trading, the index hit a peak of $1,189, while its current value is below $530. The index tracks COMP, BAND, KAVA, YFI, RUNE, UNI, BAL, ZRX and other tokens. The fall in DeFi token prices started in mid-September and has intensified during the last week.
Alex Svanevik, CEO of the analysis firm Nansen, thinks the DeFi sector will eventually emerge victorious thanks to its low entry barrier:
"Fintech companies spend half their time asking for permission from the incumbents. Meanwhile, DeFi teams can innovate."
The increasing popularity of DeFi projects has boosted the profitability of Ethereum mining. Thus, in September, the miners of the second largest crypto by market cap made $166M from gas fees.
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