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Traders anticipate 'DeFi Summer 2.0’ after TVL and token prices rise

Published 07/27/2021, 09:48 PM
Updated 07/27/2021, 11:20 PM
Traders anticipate 'DeFi Summer 2.0’ after TVL and token prices rise

Traders anticipate 'DeFi Summer 2.0’ after TVL and token prices rise

Decentralized finance (DeFi) was one of the main factors that pushed the crypto market higher throughout 2021 and to date, platforms like Uniswap (UNI), SushiSwap (SUSHI) and Aave (AAVE) form the bedrock of the sector.

Similar to altcoins, DeFi tokens took a severe beating as Bitcoin price corrected from its $65,800 all-time high, and data from Cointelegraph Markets Pro and TradingView shows that since DeFi index perpetual futures contract hit a low of $5,340 on July 20. Since then, the value of the index has rallied by 45% to $7,682 and this has analysts watching to see if a reversal is in order.

DeFi index perpetual futures contract 1-day chart. Source: TradingView
Total value locked in DeFi. Source: DeFi Llama
XVS, LUNA, RSR, AMP (OTC:AMLTF) and KAVA (USDT pairs). 4-hour chart. Source: TradingView
Daily DEX volume. Source: Dune Analytics
Total DeFi users over time. Source: Dune Analytics

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