All of the recent buzz around the decentralized finance (DeFi) market is starting to lose steam. According to crypto market data outfit Santiment, the total market valuation of the sector’s DeFi assets plunged by 25% on October 7.
In a report Santiment recently released, the crypto market data firm described the crash as a “carnage.” The report says that general trade volumes for DeFi tokens have crashed a cumulative 30%. Some of the tokens most affected are Sushi (SUSHI), Uniswap (UNI), and Yearn Finance (YFI). The three tokens fell 51%, 38%, and 31%, respectively.
Santimant said in a short thread that the current price value shows undervaluation, considering the total value of the market’s DeFi assets at the last time they moved on the MVRV blockchain.
Putting a fine print on the issue, the report said:
“It’s the slaughtering of the sacred DeFi cows…The crypto market has been engulfed in a sea of red this week, with most DeFi blue chips recording double digit losses over the past 7 days.”
Kryptomoney recently reported that the top 10 DeFi assets in the market had an average loss of 23.4% over the last few days. The loss cemented a DeFi plunge with assets losing an average of 27.44% over the last month.