The decentralized finance (DeFi) sector continued to rise with notable gains in lending and borrowing protocols, while the performance of NFTs was declining. Recent market movements indicate an increase in the popularity of Defi and Ethereum It shows that there is a development that will help the price move towards the $2000 level.
According to DefiLama data, the movements in the DeFi and NFT sector show how different the developments in the sector are.
Ethereum-based lending protocol Compound (COMP) is up 80%, while Pendle ($PENDLE) is up a notable 66%, especially after Binance announced it was listed on the Innovation Zone and Launchpool.
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Decentralized stablecoin miner Maker ($MKR) experienced a strong 32% rise, while DPI, which is the DeFi Pulse Index, grew 12.6%. MKR’s weekly gains of over 30% came amid reports of increased revenue and whale accumulation in the protocol.
On the NFT front, Beanz saw a significant 69% drop, while Azuki saw a 58% drop. Moonbirds were down 24% and Bored Ape Yacht Club (BAYC) was down 23%.
Ethereum Price Seeks An Opportunity To Rise
Defilama found that as of July 3, 2023, more than ten million Ethereums are locked on liquid staking defi platforms. At the time of writing, approximately 10.12 million ETH worth $19.901 billion was locked using today’s exchange rates.
Leading DAO co-founder Dr. Nick, when DeFi starts performing well again in early June cryptocurrency believes that the cyclical structure of the market will be reset. He argues that the recent “vapor bubble” has burst, leading to a recalibration of the market towards a more sustainable level focused on utility.
According to price predictions from experts, Ethereum price could rise to $3000 with the FOMO and then look for a range to test the peak price of $4878. However, it seems difficult to realize this forecast in the short term.
You can follow the current price action here.