Is This A DeFi Comeback? AAVE, YFI and Chainlink Rebound

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Last Updated on 8 November 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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On Tuesday 3 November we went along with a tread by Google engineer Tyler Reynolds who claimed that the loss of DeFi could be correlated to the gains of Bitcoin. As Satoshi Nakamoto’s invention started rising to heights unseen before the infamous bull run of late 2017 early 2018, DeFi projects sold off. One of the most notable losers as that point was YFI, the DeFi coin by engineer Andre Cronje, who since seems to have switched to side-projects such as his Keep3r coin.

However, in the past few days, some of the most notable DeFi coins came roaring back to life. So much so, that the total value of all DeFi projects is nearing it’s all time high once again.

According to metrics site DeFipulse, a cool $1 billion entered into various DeFi projects ever since we asked our question on Tuesday. Seems like YFI, AAVE and Link are bound to prove that there is life for DeFi even when Bitcoin goes to higher highs. Two months ago we saw a 22% drop in Total Value Locked in DeFi.

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YFI, AAVE and Link

Chainlink is still king when it comes to market capitalization as the biggest DeFi project. The Link Marines have something to celebrate as the coin rose 12% this week, even though it is slowly selling off today again.

Aave was the clear DeFi winner and is continuing to rise this morning, up more than 17% in the past few hours. For the week, Aave gained some 65%.

Lastly we need to mention YFI, the Andre Cronje coin that lost a lot of its shine as it dropped from an all time high of $40k to $10k in the past few month.

It does seem to have found a bottom at that level and is climbing once again, reaching $15k this morning and up 48% for the week. Will it be flipping the Bitcoin price shortly again?