Defi Platforms and Smart Contract Tokens Suffer the Most During the Crypto Market Rout

While the crypto economy has dropped lower in value against the U.S. dollar, sliding to just under $1.2 trillion, the value of decentralized finance (defi) protocols and smart contract tokens has suffered a great deal. Statistics show that the total value locked in defi has dropped 7.96% since May 18, to roughly $104 billion, and

Timeline of Aave, Curve-dao-token, Lido-dao

Curve Finance is an automated market maker platform that is primarily designed to accommodate liquidity pools that contain similarly behaving assets, primarily stablecoins, or wrapped versions of similar assets. Simply put, it is a decentralized exchange (DEX) for stablecoins.

The AAVE price entered June on a bearish note as it turned down from $120 resistance. The V-Top reversal plunged the altcoin to the $80 mark, closing to the $75.6-$67.2 support zone.

The beginning of June did bring a ray of hope with the cryptocurrency market recovering from the bloodshed of May. However, as we enter the third week of June, the scenario of the market doesn't look at its best.

Decentralized exchanges (DEX) are non-custodial exchanges that allow users to buy, sell, swap, trade, and stake crypto tokens. They do not hold any funds and users are free to move within the protocol as they wish.

According to the data of WhaleStats, a blockchain tracking service the top 100 Ethereum whales have their eye on WOO. Which is the utility token that powers WOO Network, and a decentralized exchange (DEX) that aims to provide deep liquidity and super-efficient order execution. Thus, Ethereum's richest bagholders are now loading up with WOO, and …

Aave price analysis is bearish today as the market looks to retest support at $103.08. The market is currently facing resistance at $107.29, preventing it from breaking out to the upside.

DeFi assets traded with fairly high unison, as a calmer environment coupled with a lack of catalyst events among the top assets graced the sector this week. However, one platform indeed stood out amongst the rest… Built different, maybe?

The Aave price analysis shows that the AAVE/USD pair is currently in an uptrend and is trading above the $102.81 mark. The bulls are presently in command of the market, attempting to increase the value.

The recent $40 million dollar bid for Twitter Inc. (NYSE: TWTR) from Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk highlighted the need for an open-source social media protocol for some.  Transparency is one of the fundamental principles of public blockchains and something that many early backers of Bitcoin (CRYPTO: BTC) have been attempting to bring to the internet-scale for more than a decade.

The crypto market has been trying hard to recover from the bearish blow. But, the drawdown has created such fear among investors that even experienced crypto holders are escaping at the first sign of loss.