Last updated on November 17th, 2022 at 01:54 pm
Uniswap (UNI), Chainlink (LINK), Sushiswap (SUSHI), and 1inch Network (1inch) are among the decentralized finance cryptocurrencies that have had significant price drops in the last 48 hours.
According to data from CoinMarketCap, UNI (the native currency of the renowned decentralized exchange Uniswap) has plummeted more than 8.7% in the last 48 hours. It is now trading at a little over $5. With a market valuation of $3.7 billion, the coin is the 22nd largest cryptocurrency. Since its all-time high of $44.97 in May 2021, UNI’s shares have declined by over 88%.
LINK, Chainlink’s token has lost almost 8.3% in the last 48 hours. On the Chainlink (a decentralized oracle network) platform, LINK is the currency that users utilize to run oracles. Oracles are used to connect off-chain and on-chain events for essential data. LINK is presently trading at $6.54, down from an all-time high of $52.88 in May 2021.
SUSHI, the Sushiswap DEX’s native token, has lost more than 7.8% of its value in the last 48 hours. The token is now worth $1.50, down from a peak of $23.38 in March 2021.
1inch, the 98th-largest cryptocurrency by market capitalization, has lost 6.8% in the last 48 hours and is now trading at $0.91.
The abrupt decline in total value locked (TVL) across several DeFi protocols, spurred by Ethereum’s recent price plunge, is most likely the fundamental cause behind these adverse price moves. Ethereum, the second-largest cryptocurrency by market capitalization, is down almost 6% on the day and nearly 5% in the last eight days.
DefiLlama estimates that the total value locked across all DeFi protocols is at $139.59 billion, down from $249.13 billion on May 1, 2022.
Uniswap’s UNI token is in a downward trend after hitting a total lifetime volume of over $1 trillion on Wednesday.
Uniswap’s weekly trading volume declined to $3.9 billion last week, down from $10 billion the week before, according to Dune Analytics. Volumes have dropped to levels that haven’t been seen since December 2020. This shows that interest in DeFi is falling.
The number of monthly active users (MAU) on Sushiswap fell somewhat in May, from 70,000 in April to 60,000 in May. According to Dune Analytics, in November 2021, its MAU reached an all-time high of 170,000. The DEX’s trading volume decreased to just $6 million yesterday, down from an all-time high of $1.34 billion in November.
The Chainlink platform’s native token, LINK, is used across the crypto ecosystem for various reasons. The keeper network is responsible for the majority of the utilization. Chainlink Keepers is a smart contract automation service that allows smart contracts to be updated using off-chain data.
A LINK token is required to run a keeper on Chainlink. According to Dune Analytics, the utilization of the keeper network has been steadily declining, leading to lower LINK token usage.
Despite the constant rise in the trading volume and number of transactions on 1inch, the native token 1inch is in a downward trend, coinciding with ample assets such as Bitcoin and Ethereum.
Bitcoin is trading at around $29,100, a 2.3% decrease over the last 48 hours. At the moment, Ethereum is trading at $1.845, a 6.4% decrease over the last 48 hours.
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