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DeFi Tokens Experience Correction, Ethereum 2.0 Launch Date Uncertain due to Pending Smart Contract Audits: Report
Crowdfund Insider | Omar Faridi | Oct 31, 2020
Several major decentralized finance (DeFi) assets have experienced correction as Bitcoin (BTC) surged this past week. However, the “fundamental” developments continued, “pointing to long-term momentum,” according to a report from OKCoin.
The crypto exchange notes that Bitcoin continued its ascent during the past week. The leading digital currency reached its year-to-date high of around $13,850 — which was quite close to its peak of last year’s rally at $14,000.
See: CEX.IO’s Executive Director Predicts the Future of Crypto Exchanges
While Bitcoin’s price kept rising, Ethereum (ETH) and other altcoins slipped lower. The price of DeFi tokens has also dropped after surging to record-level highs.
Yearn.finance (YFI), a DeFi protocol providing lending aggregation, yield generation, and insurance on the Ethereum blockchain, saw its price drop from around $13,800 to $11,700 (during the past week). The major DeFi token has been negatively affected by the compressed yields being offered in the space, which is due to yield farming tokens declining in value.
Qiao Wang, a widely-followed crypto analyst, stated:
“I constantly update my views and unfortunately it looks like there’s going to be more pain in DeFi. Originally I thought we won’t see an 80–90% crash which is typical of alts because of the level of sophistication of DeFi investors but [this] thesis is being invalidated.”
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