The Decentralized Finance (or DeFi for short) sector is taking a beating in the last day as major tokens are taking significant losses.
UNI, the governance token of decentralized (or DEX) exchange Uniswap, is down 9.9% to an intraday low of $15.70, according to the website. CoinGecko.
The token has lost 16% of its value over the past two weeks and is currently down 65.9% from its record high of $44.9 recorded in May 2021.
LINK, the native token of flagship Oracle project Chainlink, has dropped to a two-week low, losing 4,2% in the last day and 17.3% in the last week.
In an interview with Decrypt This month, Sergey Nazarov, co-founder of Chainlink, revealed that the project plans to add a staking option for LINK holders later this year.
However, the initial enthusiasm, which saw LINK surpass $28 last week, appears to have waned as the token is trading at $22.02 at this point.
CRV, the token that moves Curve Finance, a decentralized trading platform focused on stablecoins and assets of similar values, also dropped 4.7% in the last 24 hours, trading at US$ 4,37.
CRV had soared above $6.50 earlier in the year. However, the price of the token significantly retracted, losing 28,9% in the last two weeks.
Loopring weathers DeFi industry slump
LRC, the native token of second-tier cryptocurrency exchange Loopring, appears to be defying the downtrend, rising 7.9% in the last 24 hours and trading at US$ 1,21.
However, this is of little comfort to long-term holders of the LRC, as the token is down 18.8% in the last seven days and 41.2% in the last two weeks.
Analyzing the overall picture, data from the DeFi Calls show that the total value locked (or TVL) on DeFi protocols has plummeted by nearly $25 billion since the start of the year, currently at $226.92 billion.
*Translated and edited by Daniela Pereira do Nascimento with permission from Decrypt.co.