DeFi indexes crash despite strong fundamentals
On August 28, Binance Futures launched its DeFi Composite Index, a basket of DeFi tokens that initially comprised 27% Chainlink (LINK) and 11% Aave (LEND) alongside nine other prominent DeFi tokens that made up between 6% and 9.5% of the index each. Updated weekly, the index now tracks 19 different crypto assets.
However the Binance Futures’ DeFi index has dropped more than 50% from an all-time high of $1,189 on its first day of trading, with the basket now changing hands for just $507.
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