Bitcoin, Ethereum, and other major crypto assets all plummeted over the last several hours, but few have dropped as hard as top DeFi tokens, YFI, LEND, and UNI.
Why have these once soaring altcoins plunged so hard and is there more downside ahead?
Yearn-Ing For The DeFi Trend To Continue After 20% Pullback
For a while there, it seemed like nothing could put a damper on the flaming hot DeFi trend. Coin after coin exploded in value as interest poured into each new DeFi project.
Some of the most successful highlights of the DeFi space in recent weeks, are Yearn.Finance (YFI), Aave (LEND), and Uniswap (UNI).
Related Reading | Yearn.Finance (YFI) Flies 15% Percent From Local Price Floor, Fractal Targets $60K+
LEND has had some of the strongest year over year performance out of any cryptocurrency, while YFI is now far more expensive than Bitcoin itself.
UNI is the newest of the bunch, but that hasn’t stopped it from first debuting as the crypto version of the stimulus check at $3 per token, then in just days more than doubled in value to a high of over $7. Now, it’s at under $5 after a more than 20% collapse across just about all DeFi tokens.
But what did these altcoins crash much harder than Bitcoin and Ethereum, and other top cryptos?
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