Independent analytical team Ceteris Paribus (@ceterispar1bus) revealed how painful the ongoing correction is for the vast majority of native governance assets of decentralized financial instruments (DeFis). However, there is one token that managed to stay in the green zone despite an overall collapse.
Average DeFi token lost 50 percent in 30 days
According to the calculations of Ceteris Paribus, the first month of Q4 2020 was incredibly painful for DeFi coins. On average, DeFi tokens' value has lost 50 percent. Some well recognized assets have witnessed 50-70 percent losses.
Average $DeFi token has been cut in half this month. Interesting that the only token up is a L2 focused one. pic.twitter.com/1lXI3Y9yio— Ceteris Paribus (@ceterispar1bus) September 21, 2020
The native token of the bZx decentralized financial protocol, which was repeatedly hacked with a significant amount of money stolen, is the worst performer in this review. The BZRX price is down 79 percent in 30 days. Ren Protocol (REN) and Bancor Network Token (BNT) are two veterans that registered more than 50 percent in net loss.
The rest of the "old hands" on Ethereum-based decentralized trading instruments—0x (ZRX), Maker (MKR), Augur (REP) and Gnosis (GNO)—also underwent double-digit cuts, but they managed to lose less than their DeFi competitors.
However, analysts announced one asset that is up in the last 30 days. Loopring (LRC), the token of the second-layer scalability solution for the Ethereum (ETH) network, gained 5 percent. Amidst the ongoing bloodbath, this performance looks stellar.
This list looks strikingly painful in comparison with the Q2-Q3 performance of Aave Protocol (LEND), Synthetix (SNX), Balancer (BAL) and Curve (CRV). As covered by CryptoComes previously, most overhyped assets from the DeFi segment showcased two triple-digit monthly gains in a row.
Typically, September is a bearish month for crypto. This mantra applies perfectly, even to the king coin. Mr. Avi Felman, a trader at investment firm BlockTower Capital, revealed that Bitcoin (BTC) has closed September in the green zone only twice during the last seven years.
This September is no exception. After several failed attempts to conquer $12,000 line, the flagship cryptocurrency started this month with a 15 percent drop initiated by mining moguls.