DeFi is outperforming the market with double digits

  • A large amount of DeFi tokens performed strongly today
  • Synthetix is the biggest gainer and rose 59% this week
  • Bloomberg has announced a new DeFi Index

DeFi tokens, including UNI, Aave, SNX, and COMP, have been outperforming the market lately as Bloomberg adds DeFi Index.

DeFi blue-chips are attracting a lot of demand

A large amount of DeFi tokens performed strongly today. Derivatives protocol Synthetix, for example, has seen a rise of 26.85% today, and Compound is also up 14% on the daily time frame. Other  tokens outperforming the market today are Aave  (AAVE), Linear (LINA), Perpetual Protocol (PERP), Maker (MKR), and Sushiswap (SUSHI)

Looking at the weekly growth of these DeFi tokens, it seems like the blue chips are attracting a lot of demand. As Synthetix is the biggest gainer and rose by 59% last week, Balancer rose by 27.9%, Aave, which announced an institutional platform Áave Pro‘ saw a surge of 31% this week, Maker by 23.4% and Compound rose 53.3% after announcing that it would launch a Treasury Account with a 4% guaranteed yield.

In terms of total value locked (TVL), DappRadar reports a total of $80 billion across all listed platforms. The leading protocol at the time in terms of TVL is Aave, with around $8.5 billion locked up. Uniswap is a close second with $8.3 billion in collateral lockup, while Curve Finance comes in third with $7.2 billion. Before the market correction, the TVL across DeFi protocols reached an all-time high of $132 billion. After that, growth, it saw a bottom of $69.4 billion before it recovered to where we are now.

Bloomberg is launching a new index

The financial news giant Bloomberg is teasing a new DeFi Index on the Bloomberg Terminal. Bloomberg TV’s Joe Weisenthal posted screenshots on July 6.  The index is sourced from the MVIS CryptoCompare DeFi 20 Index, including the top-20 assets in the sector, evenly weighted. The index will allow investors using the Bloomberg Terminal to track these assets in the same manner as to how they can follow the S&P 500 or Nasdaq.

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