As Bitcoin[1] oscillated just under the $60K zone and major altcoins seemed to be stuck in consolidation, the DeFi space and a number of other DeFi tokens have attracted the market’s gaze. Capital inflows seemed to be flowing into DeFi projects like Crypto.com[2] and Curve DAO[3] as BTC’s trajectory weakened.
This wasn’t the first time, the market looked towards DeFi tokens for higher ROIs, as the top coin’s market looked shaky. In fact, some of the top DeFi tokens have had stronger rallies noting higher gains than BTC, in the past too.
For instance, from July end to August, Uniswap’s price rose by almost 100% while BTC could only rally by nearly 50%. Yet again BTC losses put the limelight on Crypto.com coin and Curve DAO token CRV. That, however, wasn’t all that was behind the rallies.
DeFi’s growth
Data from Defillama highlights that the total value locked (TVL) in Defi protocols tapped over $255 billion as the TVL saw a sharp growth over the last couple of months. Strikingly, Curve commands 8.11% dominance worth $20.75 billion in TVL.
Source: Defilama
Further, in terms of liquidity too, Curve seems to lead the way with $18.4 billion in DEX’s liquidity by protocol. The protocol was way ahead of Uniswap (V2 + V3), which has just reached $10 billion liquidity, as well as from PancakeSwap and SushiSwap.
Source: Coin98Analytics
As for CRO, the token soared soon after Crypto.com announced that a multi-purpose arena in downtown Los Angeles would be renamed as Crypto.com ARENA for the next 20 years due to the partnership with the LA Kings and Los Angeles Lakers.
Further, Crypto.com coin’s circulating market supply and market capitalization saw a boost alongside its price. The asset’s circulating market supply went from
