Coming every Sunday, Hodler’s Digest tracks every important crypto news story from the previous week. Essential reading for all Hodlers!
It was an industry that looked like it was overheating for some time, and finally, at least for a short while, it appeared that the DeFi bubble had well and truly burst.
Half a dozen major DeFi tokens shed half their fiat value, and the sell-offs erased the gains enjoyed by most DeFi markets during August’s volatility.
Some members of Crypto Twitter were unsentimental, to say the least. One of them, Stack Those Sats, wrote: “DeFi is going straight into the ground. Just another series of scams.”
But wait! It wasn’t over yet. The decentralized finance sector dusted itself off on Thursday, rebounding by 19% in just 24 hours. Some tokens, such as Yearn.finance, gained 37.6% over this period alone.