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* * @link https://developer.wordpress.org/themes/basics/template-files/#template-partials * * @package CoverNews */ ?> DeFi 2.0 Suffers 98.5% Loss Amidst The Bear Market! Here Is Why – CoinsMegaNews

DeFi 2.0 Suffers 98.5% Loss Amidst The Bear Market! Here Is Why

3 years ago CryptoExpert
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Mr. Jason Choi, a member of Forbes’ 30 Under 30 list, co-founded Spartan Group. The Spartan Group is APAC region’s most successful Web3 VC fund. Mr. Jason has expressed his thoughts on the current crypto “bottom.”

DeFi 2.0 Lost 98.5% On An Average

According to Mr. Choi’s data, all forms of utility and governance holdings related to the decentralized sector have been hit the hardest by the crisis.

DeFi peaked in May 2021, not November 2021, as Bitcoin (BTC) did, and their bear market lasted 400 days instead of 207 days. Even the most prestigious DEXes had their assets collapse by 90% on average.

Simultaneously, “new DeFis” or “DeFi 2.0” protocols, such as Redacted Cartel (BTFRLY), Olympus (OHM), and Wonderland (TIME), are hit even harder. They’ve lost a total of 98.5%.

When compared to the ATH, certain methods in the overhyped Solana (SOL) ecosystem, such as the AMM-powered DEX Saber Protocol (SBR) and the Step Finance (STEP) DeFi protocol, lost over 99%.

Layer 1 protocols (L1) have historically had lower volatility than DeFi coins. Along with losses of 63.5% and 65.4%, Ethereum (ETH) and Tronics (TRX) are among the most stable assets.

ATOM Depicts Defensive Price Action

The only Layer 1 protocol that has lost more than 90% is the overhyped currency MINA. MINA was in the news with its post-launch rise. Mr. Choi further said that the Cosmos (ATOM) ecosystem, a complex cross-chain architecture, exhibits “defensive” price action despite the market volatility.

Mr. Choi is unsure of the specific origins of such a situation. These situations might be in link to a lack of action from VC funds.

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