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DeFi on 'Path to Recovery' After Strong Quarterly Growth
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The decentralized finance (DeFi) sector is “on the path to recovery,” with DeFi-related tokens having increased their share of the total crypto market valuation from 4.7% last quarter to 5.8% this quarter, a new report from crypto tracking site CoinGecko said.
According to the report, the total market capitalization of DeFi tokens has rebounded by 91% since the last quarter - up from USD 67bn to the current USD 128bn. This comes as sentiment among DeFi users has improved and other blockchains besides Ethereum (ETH) have gotten more attention.
“The increasing demand for DeFi is likely driven by the rise of native DeFi products on other alternative chains like Avalanche, Solana, and Terra,” the report said, specifically pointing to the former
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