Market Update – DeFi (6th May ’21)

Our Market Update report covers the DeFi space extensively and provides an overview of the sector, in terms of correlation with other tokens in this space. We also look at the top 4 tokens in this space and evaluate their fundamental aspects.

We have taken data spanning from 25th February ’21 to 6th May ’21, for all tokens and coins.

Our first correlation matrix is based on the data since the last two months. Many crypto DeFi tokens have a strong correlation with ETH, except DAI (0.03) and Sushiswap (-0.4). On the other hand, very few DeFi tokens have a strong correlation with Bitcoin.

Whereas tokens like Uniswap have a strong correlation with other tokens in the mix; Dai, Sushiswap and Terra have little to negative correlation with other DeFi tokens.

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