According to one analyst, Aave Protocol Token (LEND) and Synthetix Network Token (SNX), with their triple-digit gains, surpassed all competitors by a wide margin.
DeFi assets skyrocket amidst boring market
In the snapshot of actual market performance shared by Mr. Zhu, the native assets segment of decentralized financial applications looks like the undisputed champion.
Six DeFi coins: Ren (REN), Kyber Network Crystals (KNC), Bancor Network Token (BNT), Thorchain (RUNE), Aave Protocol Token (LEND), and Synthetix Network Token (SNX) showcased triple-digit gains while ZRX, Kava (KAVA), and Augur Protocol (REPV1) gained between 26% and 36% in a single month.
At the same time, Maker (MKR) plunged almost 16%. The paltry performance of Compound Protocol Token (COMP) may appear surprising: the loudest newsmaker in previous weeks ended the period with zero gains.
The only asset outside of the DeFi realm that pumped in more than 100% was VeChain Token (VET), the native coin of the pioneering product for real-world use of crypto.
To compare, flagship cryptocurrency and all its significant forks have lost between 3% and 5%. Also, DeFi's rally is failing to boost the price of Ethereum (ETH), the nucleus asset of decentralized finances. Ether's price lost 1% in the past 30 days.
Has altcoin season begun?
Mr. Zhu outlines that some Layer1 altcoins (associated with their own blockchains) have started double-digit pumps in the last 24 hours. Cardano (ADA) and Solana (SOL) are vivid examples.
Also, this observation is valid for the "TikTok pump" of the semi-ironic old-school project Dogecoin (DOGE). DOGE surged 58% in the day prior to the snapshot.
Coin dispersion remains bimodal, Mr. Zhu concludes: the coin either pumps 50+% or sees a boring flat.