DeFi Doldrum As YFI, UMA And UNI Descend 34% In Week
The DeFi hype is finding it’s baseline we guess as many of the once-hyped coins are seeing a rapid descend towards more reasonable prices. The only good news to come out of this is that Ethereum’s trading fees are returning to normal levels. Whereas in the beginning of september they stood as a record value of $14,58 for executing a transaction, as of today they have gotten down to $2.
The head of trading at NEM Ventures, Mr Nicholas Pelecanos, remarked that:
Transaction fees on Ethereum are slowly returning to normal as the DeFi hype that gripped the market for most of 2020 is subsiding.
About a month ago, we were, as many others in the cryptosphere, surprised by the success of several food coins (Sushi, Kimchi and HotDog come to mind) and noted that the built-in preferred coin position of Sushi’s developer, the anonymous Chef Nomi, was a warning sign of pending doom.
In the last week, Sushi has lost another 50% and is down 77% in a month now.
YFI, UMA and UNI
UMA was at the time of writing trading at $5.92, down 4% for the day, and more than 34% over a week. Same story for Yearn Finance, the Andre Cronje development project has lost more than 49% in a week and is currently trading at $12k, down 21% for the day.
Lastly, the much hyped UNI, the coin of Uniswap, is down towards a value of $2,68 and has lost 39% over a week.