Ethereum DeFi’s Flagship Coin, MakerDAO, Is Down 55% Against ETH in 2020

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Ethereum’s decentralized finance (DeFi) sector has undergone parabolic growth over the past few months. The value of coins locked in DeFi protocols has surged to a cumulative $4.25 billion for the first time ever. Simultaneously, the value of DeFi coins has gone parabolic. Many DeFi projects like Chainlink and Synthetix Network Token are up by hundreds of percent against BTC and the dollar since the start of 2020. The growth of Ethereum’s space has not aided MakerDAO, though. The coin of the protocol is down 55% against ETH this year, according to one analyst. Ethereum’s MakerDAO is Down 55% Against ETH in 2020 Despite DeFi Boom Ethereum’s MakerDAO has long been the flagship protocol of the entire DeFi industry. Offering the famous DAI stablecoin and a platform for one to obtain decentralized loans, the protocol now locks in excess of $1 billion worth of cryptocurrency. That makes it the most…

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