DeFi – 2024-05-02

Daily Analysis

The DeFi sector displayed a mixed performance on May 2, 2024, with noticeable fluctuations in market caps, prices, and trading volumes among the leading and emerging cryptocurrencies. Avalanche (AVAX), holding the highest market cap within the analyzed group, evidenced resilience with a minor daily gain of 1.7% despite a significant monthly drop of -35.9%. This shows a volatile climate within the DeFi ecosystem, where short-term recoveries are shadowed by longer bearish trends.

Among stablecoins, Dai (DAI) maintained its usual peg around $1 but revealed minute fluctuations over different timeframes. The slight negative changes across daily (-0.02%), weekly (-0.01%), and monthly (-0.05%) periods underline the challenges stablecoins face in maintaining absolute stability amidst broader market volatility.

Turning to performance over 24 hours, the DeFi Pulse Index (DPI) emerged as the top performer with an impressive 8.8% increase, although its weekly and monthly performances painted a less favorable picture with declines of -8.9% and -31.4%, respectively. This sharp day-to-day turnaround highlights the speculative nature often prevalent in less liquid DeFi assets.

Notably, Wrapped Bitcoin (WBTC) struggled substantially, dropping by -3.9% over the past 24 hours, paralleled by a notable -17% decline over the past month, underscoring the impact of broader market sentiments affecting Bitcoin and consequently Bitcoin-wrapped tokens within DeFi protocols.

On the downside, DREP [old] marked a significant downturn with a -19.2% daily performance and a staggering -30.9% loss over the week. This points to severe market rejection or potential underlying issues within the project, contrasted paradoxically with a monumental quarterly rise of 40561.4%, indicative potentially of earlier speculative surges followed by sharp corrections.

Interestingly, DeFi sector’s fluctuating dynamics over 30 days saw Cream Finance (CREAM) attaining a notable rise of 42.4%, suggesting areas of growth and investor interest in niche segments despite prevailing adversities in broader markets.

The 90-day overview wraps with DREP [old] again as a standout for its anomalously high increases, suggesting a highly volatile period that merits cautious interpretation. On the contrary, Tellor (TRB) and Frax Share (FXS) both recorded significant declines approaching -58.2% and -57.5% respectively, pinpointing them as some of the most impacted underperformers over this period.

The current analysis encapsulates a snapshot of a highly dynamic and often unpredictable DeFi landscape, highlighting the intrinsic risks and opportunities within this advanced sector of the cryptocurrency market. Investors and stakeholders are reminded of the requisite diligence and continual reassessment of market conditions inherent to DeFi investments.

DeFi – 2024-05-02

Top Market Caps

Rank
Name
Symbol
Market Cap
Price
24h Volume
24h %
12 Avalanche AVAX 12.5B 33 619.7M 1.7
203 Wrapped Bitcoin WBTC 9.0B 57808.1 457.8M -3.9
16 Chainlink LINK 7.8B 13.2 442.4M 1.2
19 Internet Computer ICP 6.0B 13 199.1M 2.5
22 Dai DAI 5.3B 1 876.8M -0.02

Today’s Winners

Rank
Name
Symbol
Market Cap
Price
24h Volume
24h %
559 DeFi Pulse Index DPI 55.2M 98.7 231.6K 8.8
511 Clearpool CPOOL 68.0M 0.2 4.5M 7.4
386 Hashflow HFT 112.5M 0.3 13.5M 6.6
159 Raydium RAY 391.4M 1.5 19.1M 6.5
138 Compound COMP 446.5M 55 38.7M 5.1

Today’s Losers

Rank
Name
Symbol
Market Cap
Price
24h Volume
24h %
N/A DREP [old] DREP 0 0 27.6M -19.2
500 Frontier FRONT 71.4M 0.8 96.3M -10.9
344 Venus XVS 139.9M 8.8 10.8M -6.9
533 VerusCoin VRSC 61.3M 0.8 1.1K -5.2
374 Tellor TRB 121.7M 47.4 44.3M -4.8

Weekly Winners

Rank
Name
Symbol
Market Cap
Price
24h Volume
24h %
157 Jito JTO 393.2M 3.2 147.3M 3
351 Covalent CQT 132.3M 0.2 1.6M -4
22 Dai DAI 5.3B 1 876.8M -0.02
216 Frax FRAX 648.1M 1 41.5M 0.1
389 Liquity USD LUSD 111.4M 1 1.3M -0.04

Weekly Losers

Rank
Name
Symbol
Market Cap
Price
24h Volume
24h %
N/A DREP [old] DREP 0 0 27.6M -19.2
220 Aerodrome Finance AERO 442.0M 1 60.3M 0.8
333 Marlin POND 145.7M 0.02 6.1M 1.3
430 TokenFi TOKEN 97.3M 0.1 9.6M 1.3
344 Venus XVS 139.9M 8.8 10.8M -6.9

Monthly Winners

Rank
Name
Symbol
Market Cap
Price
24h Volume
24h %
N/A DREP [old] DREP 0 0 27.6M -19.2
481 Cream Finance CREAM 76.6M 41.3 2.4M 0.3
N/A NXM NXM 0 0 0 0
438 LeverFi LEVER 94.6M 0.003 28.7M 3
108 Theta Fuel TFUEL 658.7M 0.1 24.9M 1.5

Monthly Losers

Rank
Name
Symbol
Market Cap
Price
24h Volume
24h %
230 Reserve Rights RSR 276.4M 0.005 16.4M 1.9
511 Clearpool CPOOL 68.0M 0.2 4.5M 7.4
354 DAO Maker DAO 131.2M 0.9 6.8M 0.3
374 Tellor TRB 121.7M 47.4 44.3M -4.8
344 Venus XVS 139.9M 8.8 10.8M -6.9

Quarterly Winners

Rank
Name
Symbol
Market Cap
Price
24h Volume
24h %
N/A DREP [old] DREP 0 0 27.6M -19.2
220 Aerodrome Finance AERO 442.0M 1 60.3M 0.8
123 MANTRA OM 519.5M 0.7 28.6M -0.3
141 DeXe DEXE 433.4M 11.9 2.8M 3.5
430 TokenFi TOKEN 97.3M 0.1 9.6M 1.3

Quarterly Losers

Rank
Name
Symbol
Market Cap
Price
24h Volume
24h %
374 Tellor TRB 121.7M 47.4 44.3M -4.8
179 Frax Share FXS 333.6M 4.2 16.8M 2
267 UMA UMA 204.1M 2.6 11.1M -0.04
450 Radiant Capital RDNT 87.7M 0.2 23.6M 0.2
422 Bounce Token AUCTION 100.6M 15.5 13.4M 0.8