cointelegraph.com
The Cointelegrah article stated that the decline in the value of Yearn.finance and Aave indicates that the DeFi market may be oversold, but the increase in revenue for top projects indicates that this is not the case.
The value of Maker (MKR), Uniswap (UNI), Yearn.finance (YFI) and other DeFi tokens has plummeted in the past two weeks.
However, various data indicate that the fundamentals of the major DeFi tokens are still strong.
Most notably, in the past 30 days, the earnings of Maker, Uniswap, and Aave surged 130% to 440%, and this happened when their token prices fell sharply. Data on the chain shows that the TVL of the DeFi market remains relatively unchanged.
Although most DeFi tokens fell by 30% to 50%, TVL remained above US$10 billion.
Take Yearn.finance as an example. Its native YFI token has fallen by 44% in five days, and this digital asset has now fallen by 56% from its peak. Despite the alarming decline, investors and analysts are still optimistic about the project. Earlier this week, the Year.finance team revealed that it plans to release a new stablecoin custody business. The data shows that Yearn.finance’s TVL is about $700 million, further proving that the token price does not reflect the feasibility of the project. This figure is close to its TVL in August when the price was higher.