CRV and CVX lead DeFi token index sharply higher as market awaits pro-crypto administration
Quick Take
- Over the past 30 days, The Block’s DeFi index has surged by ~102%.
- The following is an excerpt from The Block’s Data and Insights newsletter.
Over the past 30 days, The Block’s DeFi index has surged by ~102% to the time of writing, significantly outperforming the combined returns of both Bitcoin and Ethereum. BTC has risen by 13.5% and ETH by 26% over the same period.
The Block’s DeFi Index tracks a basket of tokens, including UNI, AAVE, LDO, MKR, CRV, LRC, COMP, CVX, BAL and YEARN.
Nearly every token in the index has appreciated by at least 100% in the past month, with the standout performers being CRV and CVX, which skyrocketed by 360% and 310%, respectively, at their peaks.
However, not all tokens share the same level of success. MKR emerged as the notable underperformer, gaining only 70% at its peak over the last 30 days. At time of writing, MKR is up a modest 35% since Nov. 15.
Though it lags behind its peers in the DeFi Index, MKR still outperforms BTC and ETH by a wide margin.
Donald Trump’s victory in the U.S. presidential election appears to be the primary driver behind DeFi protocols' notable outperformance. The incoming administration is widely expected to adopt a more favorable stance toward crypto, fostering optimism across DeFi.
Recent onchain analysis has added fuel to this rally. It has been revealed that World Liberty Financial, a blockchain project backed by Trump, has been actively purchasing DeFi tokens such as AAVE and LINK, further bolstering confidence in the DeFi sector.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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