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Following the latest downturn, DeFi’s TVL has begun to rebound. It is presently valued at $66.4 billion. Following the price movement over the previous week, some DeFi tokens have suffered a knock. In the last week, less popular DeFi coins with low market capitalisation have provided double-digit returns. Curve Dao [CRV] has provided over 40% gains in the last week. Similarly, the Graph or [GRT] has provided 15% returns, as has CAKE.
In the instance of CRV, the DeFi project suffered a setback in late May, just as other cryptocurrencies did. However, the price has since risen and has been at +62 percent since Monday. Among the primary KPIs, the quantity and volume of transactions on the CRV network have grown.
Following the second DeFi rally, exchange supply switched, and active deposit increased. SUSHI and YFI have rebounded from previous week’s decline. According to coinmarketcap.com, SUSHI was trading at $11.6 while YFI was trading at $40000. AAVE has a 14 percent domination over other ventures.
The frozen USD in SUSHI has reached $3.58 billion, reducing transaction volume. It has plummeted by a quarter. Despite this, huge HODLers maintained a concentration of 90 percent. According to HODLer composition, no HODLer has held SUSHI for more than a year. A large number of HODLers, about 75%, have held the cryptocurrency for more than a month but less than a year. At the present price level, this is the type of HODLer who is lucrative.
According to the DeFiPulse figure above, SUSHI’s TVL declined significantly in the last week of May 2021. In the cases of top DeFi projects, CRV, YFI, and SUSHI, more HODLers are profitable at the present price level than previously. The primary reasons for this include stronger short-term ROI, a high TVL, and a strong connection with BTC and ETH. Demand has grown across exchanges, both in terms of supply and transaction volume.
According to coinmarketcap.com, the amount of high-value transactions in SUSHI during the last week has reached $1.06 billion. Most DeFi programmes, including SUSHI, CRV, and YFI, are benefiting from network expansion.