Resurgence of DeFi: Why Chainlink, YFI, and Aave Abruptly Spiked Upto 34%

Resurgence of DeFi: Why Chainlink, YFI, and Aave Abruptly Spiked Upto 34%


Decentralized finance (DeFi) tokens, including Chainlink (LINK), Yearn.finance (YFI), and Aave (LEND) strongly recovered after a prolonged slump.

At its monthly low, YFI declined by nearly 64% in the past 11 days. Similarly, DeFi giants like Chainlink declined by 45% at the monthly low since mid-September.

yfi yearn.finance

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The 1-hour chart of Yearn.finance (YFI). Source: YFIUSD on TradingView.com

But following Bitcoin’s lead, Chainlink, YFI, and LEND are leading the DeFi market to a strong recovery.

Three major catalysts appear to be buoying the DeFi market in the last 72 hours. The factors are BTC’s rebound, the oversold DeFi market, and strengthening DeFi fundamentals.

Chainlink and YFI Oversold But Fundamentals Remain Strong

Within the past two weeks, Chainlink and YFI dropped by 40% to 64% against the U.S. dollar. But compared to their

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