DeFi tokens rebound with 19% bounce in 24 hours

Published at: Sept. 10, 2020

After a bloody week for decentralized finance (DeFi) projects that saw numerous tokens plummet by up to 50%, the DeFi sector has rebounded by 19% in one day. Ether is also up 11% over the past 24 hours.

According to Messari, 32 of 37 DeFi tokens are up today, posting gains of between 3% and 39.6%.

Top 10 DeFi tokens by 24-hour performance: Messari

Swerve (SWRV) tops the daily charts, followed by Yearn Finance (YFI) with a 37.6% gain, Loopring (LRC) with 29.9%, Aave (LEND) with 29.4%, and SushiSwap (SUSHI) with 27.8%.

YFI’s rally comes despite its highly anticipated Ether (ETH) vault producing a diminishing annual percentage yield (APY) since launching roughly one week ago. However, the daily returns generated by Yearn Finance’s stablecoin vaults have pushed above 0.1%, likely fuelling the rally.

DeFi tokens have outperformed the broader Ethereum ecosystem, with 136 of 178 ETH-based tokens in the green for an average gain of 8.3%. 

Top 10 Ethereum tokens by 24-hour performance: Messari

Ampleforth (AMPL) tops the ranking with an 84.5% gain, followed by YFI and LRC. 

Half of today’s top ten markets by 24-hour performance (among the top 100 coins) are DeFi ERC-20’s. 

The notable exception is Solana (SOL), which is the second-strongest top 100 crypto asset of the day with a 47% gain.

Tags
Ethereum
Altcoin
Defi
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