Disclosure: Members of our team may own positions in assets mentioned in this report. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.
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.