Yield Farming price tokens may be losing their steam, or so it seems. Over the past few months, many yield farming tokens have lost significant value, making them unattractive to crypto investors. Among crypto tokens that fall under this category are UNI, SNX, COMP, BAL, and YFI.
Uniswap (UNI)
Uniswap is one of the most popular yield farming tokens available in the DeFi industry. It is a well-known digital asset among participants in the DeFi ecosystem due to its role in facilitating automated trading. UNI, Uniswap’s native token, has been under bearish pressure since August. UNI has lost 37% of its value in less than two months, with the chart looking significantly bearish. UNI’s traded for $4.226 at the time of writing, with a market cap of $2.44 billion.
Synthetix (SNX)
The Synthetix project is about building a decentralized liquidity provisioning protocol for blockchain projects. Its native coin, SNX, represents another Yield Farming token whose price is under pressure. SNX’s collapse started around the middle of July, and the price has remained under severe pressure. SNX has lost about 39% of its value since the beginning of the July drop. As of the time of writing, SNX traded for $1.969, with a market cap of $534.9 million.
Compound (COMP)
Compound is a DeFi lending protocol where users can earn interest by depositing their cryptos into the pools it supports. Since July, Compound’s native token, COMP, has experienced significant bearish pressure. COMP has lost about 53% of its value since the middle of July to trade for $40.54 at the time of writing. COMP has a market cap of $317.9 million, according to data from CoinMarketCap.
Balancer (BAL)
Balancer is an automated market maker (AMM) built on the Ethereum blockchain. It allows users to earn by contributing its native BAL tokens to customizable liquidity pools. BAL’s crash began in April and has led to a 60% loss in value. The price of BAL at the time of writing was $3.105, with a market cap of $163.9 million.
Yearn.Finance (YFI)
As an aggregator service for DeFi investors, Yearn.Finance uses automation to enable the maximization of user profit from yield farming. The platform’s native token, YFI, has experienced a slump since March. YFI has lost about 55% of its value from March 2023 and traded for $5199 at the time of writing, with a market cap of $172.1 million, per CoinMarketCap.
Sourced from cryptonews.net.
