The cryptocurrency industry has seen hundreds of tokens shoot up in value before they eventually disappear into obscurity. That same concept applies to various DeFi assets, even though some of them still maintain a market cap of over $100 million. Returning to the all-time high price will be incredibly difficult for these tokens, although nothing is impossible.
Xido Finance (XIDO)
Although there is plenty of room for competition among decentralized AMM protocols, it seems Xido Finance struggles to build momentum. A bit strange, given the yield farming incentives and token distribution, yet investors do not show much interest in XIDO. The currency is 95.5% from its all-time high, and the gap from $9.28 to $208 is rather steep. Moreover, the daily trading volume is under half a million USD, which will not help matters.
Bitcoin Standard Hashrate Token (BTCST)
Tokenizing the Bitcoin hashrate is a very intriguing concept. It would allow users to invest in Bitcoin mining – of sorts – without relying on scammy providers. However, the BTCST token notes a steep decline in interest, despite maintaining a value of over $44. Its all-time high of $785 is 94.4% away and may never be seen again. The trading volume is decent for a project valued at over $322 million, though. Bringing more momentum to BTCST will be a challenge.
Ethernity Chain (ERN)
The technology provided by Ethernity Chain has attracted ample attention in the NFT world. Its provision of authenticated NFTs is a game-changer for the industry. However, traders and investors seem to have cooled off on the native ERN token. Down by 85.3% from its all-time high of $74.83, one ERN currently trades just below $11. Even with a $124 million market cap, the $8.8 million in trading volume is mainly bearish for this DeFi project.
Cross-platform DeFi solutions are the way forward, although it can be difficult to gain initial momentum and sustain it. BarnBridge, as a cross-platform protocol for tokenizing risk with fixed yield and volatility franchise products, is struggling on that front. The BOND value recorded an all-time high of $186 a year ago yet is now trading 84.4% lower at $29.05. It doesn’t appear that any significant price shift will occur right away, although crypto markets remain very unpredictable.
Ethereum users will acknowledge that Loopring has a lot of technical potential in DeFi. The use of zkRollup offers higher throughput, lower costs, and support for creating new asset exchange types. However, the LRC token is less bullish than the project’s technology stack. Currently, LRC is down 83.8% from the all-time high of $2.59, and maintains a value of $0.420. The project’s market cap is still over $520 million, indicating that a market reversal may not entirely be out of the question.
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