According to data from investment manager VanEck, DeFi faced a challenging month in August as trading volume dropped 15.5% to $52.8 billion, mainly due to a few tokens. Top DeFi declines.

VanEck's report also addresses global interest, especially in the US, and their pressure on stablecoins. The total market capitalization of stablecoins decreased 2% in August, at $119.5 billion at the end of the month.

The firm linked this decline to rising interest rates in conventional financing, prompting investors to move from stablecoins to money market funds, attracted by the approximately 5% risk-free yield.

DeFi dip

The figures in the report are taken from VanEck's MarketVector Decentralized Finance Leaders Index (MVDFLE). This index tracks the performance of the most prominent and liquid tokens in the DeFi ecosystem.

Several major tokens, including Uniswap's UNI, Lido DAO's LDO, Maker's MKR, Aave's AAVE, THORChain's #RUNE , and Curve DAO's CRV have dropped significantly, affecting the overall state of the market. school.

The DeFi index lagged behind digital currency giants, Bitcoin and ETH, in August, falling 21%. This decline was exacerbated by the Uniswap token plummeting 33.5% as many investors chose to sell their tokens to seek to realize the profits made over the last month.

On a broader scale, the DeFi sector's total value locked (TVL) fell 8%, from $40.8 billion to $37.5 billion, outpacing Ethereum's 10% drop over the same period.

Conversely, some bullish indicators emerged in August, including the successful dismissal of a class action lawsuit with Uniswap Labs and notable stablecoin growth, especially with Maker and Curve.

Curve Finance

Curve Finance, which has been grappling with the fallout of a high-profile exploit in July, saw stablecoin crvUSD hit a record high with $114 million borrowed in August. promising, Curve Finance's governance token CRV failed to recover significantly after mining, losing 24% of its value in August and closing at $0.45 at the end of the month.

One notable mention in VanEck's report focuses on the performance of the CRV token. The document highlights concerns around a decrease in the value of the CRV token, and the possibility that a slight decrease can only occur if the growth of crvUSD offsets the decline in DeFi volume.

Adding to market concerns is Curve Finance founder Michael Egorov's significant debt, which is largely backed by the #CRV token. After the value of CRV tokens dropped nearly 30% following the hack, concerns about Egorov's ability to liquidate his mortgage caused concerns about a ripple effect in the DeFi sector.

In an effort to reduce this debt, Egorov sold 39.25 million CRV tokens to a group of prominent DeFi investors.

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