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Optimism In A Pessimistic Market

Jul 20, 2021 · 3 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

As the market goes deeper into risk-off mode while the dollar index (DXY) is displaying strength, wider crypto markets continue displaying weakness across the board. Thankfully, there is some Optimistic layer 2 news to share with our subscribers.

DeFi In Pain

DeFi tokens lose 40-80% of their value in the past 3 months (indexed from 1st May 2021) – a sign that speculative interest in DeFi as a vertical has waned. The DeFi sector has been hit especially hard amidst broader market risk-off behavior. This is also aligned with reduced user activity across all DeFi protocols as highlighted in a previous Daily report.

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