Summary:
Majority of known DeFi tokens have continued to lose value in the crypto marketsChainLink (LINK) and REN are two DeFi tokens to post gains in October
The DeFi industry is currently experiencing what looks like a cooldown after an impressive run in Q3 of 2020. The cooldown has been accompanied by a significant drop in the value of prominent DeFi tokens such as Yearn Finance (YFI), Compound Finance (COMP), Curve Finance (CRV), just to name a few.
ChainLink (LINK) and REN, 2 DeFi Tokens With Gains in October
The performance of the top 10 DeFi tokens in the month of October was analyzed by the team at CryptoRank Platform who then concluded that only ChainLink (LINK) and Ren (REN) posted significant gains last month. According to CryptoRank, LINK and REN grew by 13.7% and 12.2% respectively. However, other prominent DeFi tokens continued with their losing streak in the crypto markets as highlighted in the tweet below by CryptoRank Platform.
Top-10 #DeFi Tokens Performance in October 2020
According to CryptoRank, all top-10 DeFi tokens by market cap except $LINK (+13.7%) and $REN (+12.2%) demonstrated negative return in October.
👉 https://t.co/SaYaphcuT7
👉 https://t.co/uakqV8Rpa5 pic.twitter.com/tRn6HPRXsw
— CryptoRank Platfrom (@CryptoRank_io) November 2, 2020