A few days ago, the crypto market lost ground and with it, the decentralized finance (DeFi) tokens went down. However, the road to recovery seems to have begun. DeFi tokens are rebounding after a bloody week for DeFi projects that saw many of the tokens lose by up to 50%.
Now, the sector has rebounded considerably in one day gaining around 19% in one day on September 10. Ether also gained over 10% within 24 hours. Based on data from Messari, 32 of 37 DeFi tokens are heading upwards today. They have posted gains of between 3% and 36.6%.
Interestingly, Swerve (SWRV) tops the daily charts. It is followed by Yearn Finance (YFI) with a 37.6% gain and Loopring (LRC) with 29.9%. Aave (LEND) comes in fourth with 29.4%, and SushiSwap (SUSHI) with 27.8% complete the list of top 5 gainers.
YFI’s rally comes in spite of its highly anticipated Ether (ETH) vault producing a dwindling annual percentage yield (APY) since launching about one week ago. Nonetheless, the daily returns that are generated by Yearn Finance’s stablecoin vaults have increased above 0.1%, probably fuelling the rally.
DeFi tokens have also outperformed the wider Ethereum ecosystem. 136 of 178 ETH-based tokens are in the green for an average gain of 8.3%.
Ampleforth (AMPL) is at the top of the list with an 84.5% gain, followed by YFI and LRC. Half of the current top ten markets by 24-hour performance among the top 100 coins are DeFi ERC-20’s. The only notable exception is Solana (SOL) which is currently the second-strongest top 100 crypto asset with a 47% gain.