It’s been a tough past few weeks for the DeFi market. Leading coins pertaining to decentralized finance have undergone strong corrections as buying pressure from the summer subsides, resulting in a mass of early adopters taking profits.
The average DeFi coin fell by 65% from its summer highs to the lows set just a few weeks ago. Fortunately for investors in these coins, largely based on Ethereum, a strong recovery is taking place.
Market data indicates that the DeFi space has rocketed higher over the past 24 hours. This comes amid strong fundamentals for the space.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Top Decentralized Finance Coins Rocket Higher
Market data from CoinGecko shows that the DeFi space is gaining steam as Bitcoin and Ethereum push higher after this week’s OKEx-induced correction.
Top coins pertaining to the space have gained over 10% in the past 24 hours. These include but are not limited to, UMA, Thorchain (RUNE), Yearn.finance’s YFI, Uniswap (UNI), and Ocean Protocol (OCEAN).
These coins are outperforming Bitcoin and Ethereum by many percent, as the two leading digital assets have only gained 1-2% in the past day.
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Fundamental Trends Still Bullish for DeFi
On-chain fundamental trends show that the DeFi space is still in the midst of a rapid growth phase.
Spencer Noon, head of DTC Capital, recently shared on-chain analysis and data indicating that this segment of the DeFi space is growing faster than ever.
“Mainstream Adoption — Whatever you think this means, #DeFi doesn’t need it. 7. $300m $ETH sent daily to DeFi apps vs $156m to centralized apps 8. Apps on pace for ~$500m annualized revenue 9. 600k users, still going parabolic.”
— Spencer Noon (@spencernoon) October 14, 2020
Not to mention, the number of active MetaMask users recently passed one million largely due to DeFi. As BitcoinLinux reported previously:
“Additionally, over the last twelve months, significant growth in the adoption of DAOs, Web3 games and the rapid consumer uptake of DeFi products and services has further accelerated our growth curve. It’s not just the ability to buy and store Eth that’s powering our new phase of growth. When you think about it, people don’t really want a wallet. They want to invest, sell, lend, borrow. They want to use sites like Uniswap, Yearn, Curve, Maker and Aave to get that job done. MetaMask is simply the connective tissue.”
There’s still much growth potential for this segment of the market as investors continue to seek yields are traditional investment yields and returns falter.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: umausd, yfiusd, uniusd, unibtc, yfibtc, umabtc Charts from CoinPriceWatch.com Top DeFi Coins UMA, Yearn.finance, Uniswap Rocket Over 10% Higher