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Crypto Index Tracker – DeFi and Smart Contract Platforms lead to decline

Crypto Index Tracker – DeFi and Smart Contract Platforms lead to decline, Crypto Trading News

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Bitcoin and Ethereum fell 7% and 13% respectively over the past week. The entire cryptoMarket capitalization is down 4.5% in the past 24 hours to lows of around $ 2.3 trillion. Concerns about a restrictive Fed likely contributed to this. Movements were not uniform within crypto Both our smart contract and ours DeFiIndexes recorded the largest declines over the past seven days, between 9.3% and 11.5% (see graphs below). Next it was the Bitcoin-onlyindex, which fell 7%. The Metaverse index declined the least at 6.4%.

Here are the performance details.

  • DeFi index All five coins in our DeFi basket have fallen in the last seven days. Compound (COMP) fell the most at -17% and PancakeSwap (CAKE) fell the least at -8%.
  • Metaverse index – ONEAll five coins in our Metaverse basket saw declines. Enjin Coin (ENJ) fell the most at -20% and Gala (GALA) fell the least at -2.4%.
  • Smart contract platform index All five coins in our smart contract basket are also in the red area. Solana (SOL) fell the most at 20% and Polkadot (DOT) fell the least at 9%.
  • Bitcoin (BTC) index – Tit has fallen by 7%, but has outperformed Ethereum and Solana recently.

What are the four indices?

Here are the indices in detail.

  • Bitcoin – TThe OG of crypto markets deserves its own category and in many ways is the true benchmark for any other crypto market.
  • Smart contract platforms – ONEAfter Bitcoin, the big innovation was to have blockchains that were more programmable. These could host smart contracts or decentralized applications and have enabled Metaverse and DeFi to emerge. Ethereum (ETH) is the most popular version of a smart contract platform. We include rivals Solana (SOL), Cardano (ADA) and Avalanche (AVAX). We also include Polkadot (DOT) which enables interoperability between blockchains and the use of smart contracts over parachains.
  • Metaverse – Coins in connection with the creation of a virtual space / digital world on the Internet through a combination of augmented reality, virtual reality and social networks. One of the greatest in this field is Axie Infinity (AXS), a play-to-earn gaming platform. Another is Decentraland (MANA), a virtual world that, among other things, enables land ownership. The other three coins that we include are sandbox (SAND), Enjin Coin (ENJ) and Gala (GALA).
  • Decentralized financing (DeFi) – FiFinancial services based on Blockchain– Build networks without central intermediaries. This can be a very broad category so we’re limiting this to platforms that focus on lending and borrowing, or income farming. The five coins we selected are Aave (AAVE), Maker (MKR), Compound (COMP), Uniswap (UNI) and pancake exchange (CAKE).

Bilal Hafeez is the CEO and editor of Macro Hive. He spent over twenty years researching major banks JPMorgan, Deutsche Bank and Nomura where he held various global head roles and carried out FX, interest rate and cross market research.

Selected image: Shutterstock / FrameStockFootages

The Post Crypto Index Tracker – DeFi and Smart Contract Platforms Lead Decline first appeared on The Daily Hodl.

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Source: Crypto News Deutsch

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