Decentralized finance tokens saw notable declines today, with DeFi’s total value locked, maintaining downtrends.
Most DeFi digital coins, including Uniswap (UNI), Chainlink (LINK), 1inch Network (1inch), and SushiSwap (SUCHI), witnessed massive losses within the previous 24 hours. The total decentralized finance market cap reflects the downbeat mood, hovering around 51.68 billion at this publication, following a 3.93% decline.
UNI, the governance coin of the renowned decentral exchange Uniswap, lost more than 8.7% within the past 24 hours to stand beyond $5 (Coinmarketcap data). The altcoin ranks 22nd in the crypto list by value, with a market cap standing at $3.7 billion. Uniswap lost more than 88% from May last year’s ATH of $44.97.
Decentralized oracle network Chainlink’s LINK also trod water, losing more than 8.3% within the previous 24 hours. Users utilize the LINK token to operate oracles within the Chainlink ecosystem. While writing this content, Chainlink traded at $6.53, down more than 87% from the May 2022 all-time high at $52.88.
Elsewhere, the token running the SushiSwap decentralized exchange, SUSHI, lost more than 7.8% within the previous day. While publishing this content, the altcoin trades near 41.50, losing more than 90% since the $23.38 ATH recorded in March last year.
The 98th-largest crypto with a $377 million market cap, 1inch, has dropped more than 6.8% as bears intensified their actions within the past day, currently changing hands at $0.91. 1inch is the governance coin by the DEX aggregator network 1inch Exchange.
DeFi Tokens Crash
The primary reason supporting today’s pessimistic price movements is the sudden total value lock plunge in various decentralized finance protocols as Ethereum extended its downward moves. The 2nd-largest crypto by market value hosts most DeFi protocols. ETH lost over 6% within the past 24 hours to $1,821. Moreover, the alt stays 6.93% down within the past week.
DeFiLlama reports show the TVL across DeFi protocols hovers at $139.59 billion, lower than $249.13 billion on 1 May 2022. UNI downtrends despite Uniswap hitting a lifetime volume of above $1 trillion yesterday.
For now, the crypto market suffers bearishness. Bitcoin lost 1.47% within the previous day to $29,019.
Stay tuned for upcoming crypto news.