DeFi apocalypse as UNI, Chainlink and YFI enter correction

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Last Updated on 22 September 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Whereas most of the world’s media will be talking about a possible second coming of the great March selloff for stocks and Bitcoin due to an upsurge of coronavirus infections in Europe, it was the world of DeFi that has so far seen the largest pullback.

Coins like YFI, UNI and Chainlink have all been met with overwhelming sell orders. As their values are linked to the well being of Ether, whose platform they mostly use, the heavy drop in the past few days of Vitalik Buterin’s coin means more pain for them.

Advertentie.

YFI

Yearn Finance, the coin of developer Andre Cronje which flipped the price of Bitcoin only a few weeks ago, entered bear market territory as it fell from a top of $40k towards $23k.

Furthermore, the upsurge in volume does not predict happier times ahead soon.

UNI

Uniswap own UNI token had a great first few days after airdropping 400 UNI tokens to every user who had used the platform’s decentralized exchange before September 1st.

Had users sold their UNI at peak value of $8.80, they could have made a nice profit. By now, UNI has dropped back to $3,80.

Chainlink

The Link Marines had already been asking themselves Quo Vadis after a pullback from a top of $20 towards the $15 level at the end of August. By now, all hands must be on deck of their ship as the once favorite DeFi coin has slipped to a value of $8,82.

In CoinMarketCap’s top 100, Chainlink once occupied 5th place. It can only dream of that now as it has slipped back to place 8.