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Major DeFi Coins Aave, YFI And Maker Correct 10% While ETH Drops

aave 24-hour

Some of the major Defi coins like Aave, YFI and Maker corrected by 10 percent over the past day while Ethereum dropped as well so let’s check up on the analysis in our altcoin news today.

The major defi coins like MakerDAO’s Maker, Aave, and YFI are down by 10% on the day while Bitcoin by comparison is down by 2%. BTC fell from the $19,000 region to $18,800 and Ethereum declined by 2% as well. The drop in the DeFi market came because of the strong fundamental trends and also because Ethereum 2.0 launched this past week and garnered more than 1,000,000 ETH in deposits. The total value locked in the Defi space continues to push to a new all-time high as well.

Aave 24-hour Price Chart (Source: Coingecko)

The drop in the coins came in the face of positive news events that pertained to top altcoins in the defi space. Aave for example announced that it is releasing a second version of the protocol and a document shows that this new version will include an array of new feature like collateral swapping, thus allowing the users to switch the collateral types and back their loans at a low transaction cost:

 “Collateral swapping can be a useful tool to avoid liquidations. If the price of your collateral starts to fall, for example, you can simply trade it for a stablecoin so you don’t have to worry about price fluctuations and potential liquidation.”

yfi daily
YFI 24-hour Price Chart (Source: Coingecko)

Many expect this upgrade to bring Aave to the next level as the coin has already set a new all-time high the other day. Yearn.Finance saw fundamental news events as well and announced multiple mergers with other protocols that will boost usability:

 “As Sushi focused on expanding their AMM ecosystem, and as Yearn focused on expanding their strategies, more and more overlap became apparent, Yearn needed custom AMM experiences for their strategies, and Sushi started pushing the boundaries of yield and money markets. With these overlaps, more and more work started to become mutualistic, and at this point, it makes to take the relationship to the next level.”

Many expect to see moves and to benefit the Defi ecosystem by injecting more color and usability into the ever-evolving space.

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