Leader in decentralized finance (Challenge) Curve Finance (CRV), Maker (MKR), and Lido Finance (LDO) tokens have all seen significant gains of at least 6% in the past 24 hours.
HRVthe token that powers decentralized crypto exchange with similar assets Curve Finance has risen nearly 7% in the past 24 hours.
As of this writing, CRV is the second winner among the top 100 cryptocurrencies by market capitalization. It changes hands at around $0.90, with a whopping 116% increase in trading volume to $77.33 million, according to CoinMarketCap.
Despite today’s practical gains, CRV is down 94.1% from its all-time high of $15.37 recorded in August 2020.
MKRthe DAO token responsible for creating and maintaining the decentralized stablecoin AID, has also gained more than 5% in the past 24 hours and is currently trading at around $1,078. The 55th largest cryptocurrency boasts a market capitalization of $966.6 million.
YESthe token native to popular staking platform Lido Finance, has risen 6.4% in the past 24 hours and is currently changing hands at around $1.50.
The DeFi token enjoys a market capitalization of nearly $469 million, but has lost 79% of its all-time high of $7.3.
DeFi tokens blow up shorts
MKR leads the token liquidations of this lot, with $719,460, followed by CRV with $423,390 in the last 24 hours, according to data from coin glass.
Of the total liquidations, the majority of them were blown short positions.
Total Value Locked (TVL), a metric for measuring how much money is held in various protocols across DeFi, on Ethereum rose 1.03% to $54.17 billion in the past 24 hours, according to data from DéfiLlama.
The Fed Market
Following the US Consumer Price Index (CPI) report last Thursday, financial markets, including crypto, entered a slowdown phase.
With inflation peaking globally and in the United States, the US Federal Reserve is expected to expected to raise interest rates by a further 75 basis points at its next meeting.
While a rise in interest rates translates into hefty bond yields, it also hampers investor interest in high-risk assets like stocks and cryptocurrencies.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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