DeFi Sep 14, 2020

Has the DeFi bubble burst? Top coins dropped by 50%

The decentralized Finance (DeFi) industry seems to be collapsing, with tokens plummeting by 50% or more over the past seven days.

DeFi assets fell sharply

Recently, the cryptocurrency market has suffered incredible losses, and market experts have suggested that the DeFi bubble has burst. As several leading tokens, such as Curve (CRV) and Meta (MTA), have lost more than 50% of their cryptocurrency value over the past seven days, speculation about the possibility of recovery has been called into question.

According to Messari, a cryptocurrency market Analytics company, several decentralized Finance assets were investigated. According to an official report, 32 out of 34 DeFi tokens have fallen over the past week, rolling back 50% or more for some assets.

The only digital assets that seem to have experienced a market price increase are PowerPool (CVP) and SushiSwap (SUSHI). However, even SUSHI experienced its own price drop after sushiswap founder chief Nomi liquidated his crypto asset cash profit for ether (ETH), sending the token from a value of about $ 7 to a low of $ 2. According to CoinMarketCap, at the time of writing, SUSHI is trading at $ 2.37.

At least 6 DeFi assets have fallen by more than 50% over the past week, which has been hard for the sector. Messari data showed that Curve (CRV) dropped 65% this week, and other management tokens followed suit: Meta (MTA) suffered 59%, REN - 52%, and AirSwap - fell and lost 51% of its Fiat value.

The high level of volatility and huge sell-offs experienced by the DeFi industry have led many investors to wonder if the craze for decentralized Finance is coming to an end after the incredible growth. At the time of writing, more than 60% of the tokens analyzed by Messari showed a 30-day loss, with Curve (CRV) leading the way.

Ethereum tokens (ETH) also fell in price. According to analysts ' findings, only 14 of the 178 markets experienced a surge last week, seven of which were reported to be stable coins.

Will DeFi continue to dominate the market?

Will DeFi continue to dominate the market?

According to CoinMarketCap, the UMA token appears to be consolidating around the $ 15 price level, and is currently the largest DeFi project in the industry with a market capitalization of $ 1.3 billion.

Although the DeFi bubble seems to have burst, some traders took the opportunity to stock up on discounted tokens. Investors are hoping for a recovery, despite a sharp drop in prices and a decline in the value of 95% of the digital assets of decentralized Finance over the past seven days.

SPACEBOT

Author of the article

How to register a new users on SPACEBOT?

Registration on SPACEBOT is available only via the referral link which you can get after bonding 100 coins to the pool.

In order to get the link through the Telegram bot:
1. Send 100 coins to the wallet given by the bot: Wallet – Deposit
2. Bond 100 coins to the pool: Wallet – Deposit for paramining
3. Skip to ‘Affiliate program’ section and copy your referral link
4. Now you can share your referral link and invite new users

In order to get the link through iOS/Android:
1. Send 100 coins to the wallet given by the App: Home screen – Refill
2. Bond 100 coins to the pool: Home scren – Bond
3. Skip to ‘Affiliate program’ section and copy your referral link
4. Now you can share your link and invite new users

How to install the iOS App?

To install the App

1. Follow the link:

https://apps.apple.com/ru/app/spacebot/id1498907599

2. Сlick ‘Install’ and follow the standard steps to install the App on your device

3. If you are a new user – press ‘Register’ (you need to indicate your inviter; find your inviter`s ID or get a referral link in the ‘How to register a new user’ section)

4. If you already have your SPACEBOT Telegram account you need to link it to email. You may find how to do it in ‘How to link email to your SPACEBOT account?’ section.

How to install Android App?

To install the App:
1. Follow the link:

https://play.google.com/store/apps/details?id=space.bot.mobile

2. Press ‘install’ and follow the standard steps to install the App on your device.

3. If you are a new user – press ‘register’ (you need to indicate your inviter; find your inviter`s ID or get a referral link in the ‘How to register a new user’ section)

4. If you already have your Telegram SPACEBOT account you need to link it to email. You may find how to do it in ‘How to link email to your SPACEBOT account?’

How to top up your balance?

Top up your balance with Telegram bot:
1. Go to ‘Wallet’ section
2. Press ‘Deposit’
3. Copy the wallets sent to you (be careful not to copy extra symbols)
4. Transfer coins to the copied wallet adress

Top up your balance with iOS/Android App:
1. Press ‘Top up’ on the mail screen
2. Copy the wallets sent to you (be careful not to copy extra symbols)
3. Transfer coins to the copied wallet adress

* Track transaction on the blockchain:
PRIZM – https://prizmexplorer.com
BIP/BTT – https://explorer.minter.network

**Please note that depositing of coins requires certain number of confirmations in the network and it takes time to process a transaction with our algorightm

***Also note that many exchanges and wallets services carry out transfers with delay (on some exchanges it can take up to 72 hours), and you shouldn`t worry since this is a stadard procedure.

How to bond coins to the SPACEBOT pool?

For bonding coins to the pool with Telegram bot:

1. Top up your balance (you will find how to do that in ‘How to top up your balance’ section).
2. Skip to ‘Wallet’ section
3. Press ‘Deposit for paramining’
4. Enter the amount*, note that this amount should be available in your main account
*For the first bonding: no less than 100 coins
For the second and subsequent bondings: at least 1 coin.
5. Confirm the amount, and the bot will send you a notification about the successful bonding (or ‘error’ will appear in case you have insufficient funds or the amount was entered incorrectly).

For bonding coins to the pool with iOS/Android App:
1. Chose the cryptocurrency on mail screen by scrolling to the left (PRIZM/BIP/BTT)
2. Once you`ve chosen the coin press ‘Bond’ on home screen
3. Enter the amount*, note that this amount should be available in your mail account
*For the first bonding: not less than 100 coins
For the second and subsequent bondings: at least 1 coin.
4. Confirm the amount, and the bot will send you a notification about the successful bonding, and your balance in the ‘Bonded’ field will change (or ‘error’ will appear in case you have insufficient funds or the amount was entered incorrectly).

**Attention! The first bonding of coins will take 24 hours, and only then the mined coins will be assessed.
The second and subsequent bondings will take 48 hours. It means that after the second bonding to the pool the mined coins will be assessed in 48 hours.