The aggregate value of top DeFi and GameFI projects on Ethereum were woeful compared to ETH. Is their future performance dependent on the altcoin?
ETH’s correlation with the projects using the DeFI blue-chip index. The blue-chip index tracks the real-time market performance of the largest DeFi projects.
According to the report, ETH’s movement alongside the tokens under the group was similar. However, there have been times when the correlation decoupled. For instance, when ETH reached its All-Time High in 2021, the aggregate price performance of the tokens decreased by 43%.Despite the similarities in trend, ETH continued to outperform the tokens. In backing this claim, Glassnode mentioned,
“In the wake of the 2022 bear market, DeFi tokens have fallen -92.1% below the May 2021 ATH, while ETH is down just 45%”aftermath. During that period, there were various conversations about the full adoption of DeFi projects. However, that has not been the case. According to Glassnode, the Ethereum Mainnet trading volume still surpassed all of the DEXes linked to the sector.
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