The decentralized finance (DeFi) sector has taken a beating over the past day, with several blue-chip tokens suffering significant losses.
UNI, the governance token of decentralized exchange (DEX) Uniswap is down 11.8%, slipping to an intraday low of $15.29, according to CoinGecko.
The token lost 16% of its value in the past two weeks and is currently 65.9% off its all-time high of $44.9 seen in May last year.
LINK, the native token of DeFi’s leading oracle project Chainlink, has meanwhile slipped to a two-week low, losing 7.1% over the day and almost 20% in the past week.
Speaking to Decrypt earlier this month, Chainlink co-founder Sergey Nazarov revealed that the project is planning to add a staking option for LINK holders later this year.
However, the initial enthusiasm, which took LINK above $28 last week, is seemingly cooling off, with the token trading at $21.56 by press time.
CRV, the token powering Curve Finance, a decentralized trading platform focused on stablecoins and like-valued assets, is similarly down 7% since Tuesday, changing hands at $4.32 at press time.
CRV surged above $6.50 at the start of the year; however, the token’s price retraced since then significantly, losing almost 30% in the past two weeks, as data from CoinGecko shows.
Loopring bucks DeFi downtrend
Elsewhere, LRC, the native token of the Layer 2-based crypto exchange Loopring, seems to be defying the downtrend, going up 3.7% over the day to a daily high of $1.19.
However, this will come as little consolation to longer-term LRC holders as the token is down 20.2% over the last seven days and as much as 42.5% down in the past two weeks.
Looking at the bigger picture, data from DefiLlama shows that the total value locked (TVL) in DeFi protocols has sunk by roughly $25 billion since the start of the year, currently standing at $226.92 billion.