Defi Nears 30% of Ethereum’s Market Cap

defi marketcap jan 26 2021

Decentralized finance (defi) keeps making new highs rising recently even as bitcoin consolidates in what looks like a triangle. The defi market cap has now reached $45 billion, its highest level ever, making it nearly 30% of ethereum’s $150 billion market cap. Eth seems to have benefited from this bullishness, gaining considerably over bitcoin recently, while Aave and Uniswap cross $3 billion in market cap. Defi tokens seem to be taking a bit of a break today from their bull run, but sushi is now up to $7 while Uniswap is far above its all time high. Interestingly we have all these cETH and cDAI tokens up there now, c standing for curve which has further tokenized the assets to perform functions within its own dapp. Then there’s all these Yearn strategies which are more backend. A new one “farms LDO and CRV tokens by staking stETH and ETH at…

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