On the 28th of October, leading decentralized finance, DeFi tokens, such as Uniswap, Maker, and Compound, posted significant losses over the past 24 hours due to a broader market downturn.
According to data from CoinGecko, the UNI token, which powers the leading decentralized exchange Uniswap, is down 4.4% over the past 24 hours. This week, UNI increased 28.17% in daily trading volumes and is still up 8.6% despite today’s price drop. As of this writing, UNI is trading at around $6.60. According to data from CoinGecko, UNI has a market capitalization of approximately $6.6 billion, making it the 18th-largest cryptocurrency.
According to data from CoinGecko, the MKR token of MakerDAO, the founder of the decentralized stablecoin DAI, has dropped 6% in value over the past 24 hours. This loss made it the 6th largest loser among the top 100 cryptocurrencies by market capitalization.
MKR, the 63rd-largest cryptocurrency, is currently trading at around $891. This week, it posted a 10% drop in daily trading volumes.
According to data from CoinGecko, the COMP token of the lending protocol Compound has dropped 2.8% in value over the past 24 hours. COMP, the 120th-ranked cryptocurrency, is currently trading at around $50.40.
Not only were these three DeFi tokens affected by this broader market downturn, but other tokens were also affected. Over the past 24 hours, Lido DAO dropped 2.9%, Aave dropped 2.8%, and Chainlink dropped 3%.
However, according to data from CoinGlass, over the past 24 hours, in token liquidations, UNI leads with $186,520, MKR stands second with $34,390, and COMP stands third with $13,260. And in all the total liquidations, the majority were blown-out long positions. While the Total Value Locked has dropped by 2.27% to $31.25 billion over the past 24 hours, as per data from DeFiLlama.
Ethereum’s bearish performance is the reason behind these DeFi tokens’ price drop, as all these projects are built on top of Ethereum. According to data from CoinGecko, ETH dropped over 2.6% in value over the past 24 hours, which affected DeFi tokens.