DeFi token index futures fall to four-month low

On November 4, the FTX perpetual futures contract on the DeFi token index fell 57.6% from its September peak of $3,498.6 to $1,474.1. The last time such lows were seen was in early July.

DeFi-PERP contract dynamics. Source: FTX

DeFi/TetherUS Perpetual Futures on Binance. Source: TradingView

Launched on September 9, the DeFi Pulse Index from TokenSets has lost almost half of its original value.

DeFi Pulse index dynamics. Source: TokenSets

During this period, among the index components the largest losses of 60-70% were seen in Uniswap, Yearn, Balancer tokens, while the smallest were Maker (-3.31%) and Augur (-8.7%).

In a discussion with CoinDesk, Delphi Digital analyst Alex Gedevani suggested that the DeFi token market is near a capitulation point, after which a gradual recovery phase would begin.

“The market needs a fresh impulse that will restore flows into the space,” he said.

Gedevani doubted that this trend would affect all DeFi tokens. He is skeptical about coins from projects that \”do not have a clear value proposition\”.

Back in late September, ForkLog hosted a conference on the trends and problems of the decentralized finance market. The results can be found in our special report.

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