Share this article
Bernstein Expects DeFi to Make a Big Comeback
Six out of the top 10 revenue-generating protocols are DeFi applications, the report said.
Updated Mar 8, 2024, 10:34 p.m. Published Mar 4, 2024, 1:10 p.m.
Make us preferred on Google
- Bernstein notes that six out of the top 10 revenue-generating protocols are DeFI applications.
- With real yields and regulatory clarity, global asset managers could consider a DeFi ETF, Bernstein said.
The crypto market recovery is expected to be broad-based with decentralized finance (DeFi) leading the charge, broker Bernstein said in a research report Monday. “We expect a big bang DeFi recovery and the investor narrative to come back as the future of blockchain finance,” analysts Gautam Chhugani and Mahika Sapra wrote.
Bernstein notes that six out of the top 10 revenue-generating protocols are DeFI applications. These are Uniswap, Aave, Maker, GMX, Synthetix and Sushi. “DeFi’s folly last cycle was the game of unsustainable yields that came crashing down,” the authors wrote, adding that the epitome of unsustainable DeFi was the Luna stablecoin, which subsequently collapsed. A stablecoin is a type of cryptocurrency that’s typically pegged to the U.S. dollar. DeFi is an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries. What’s different this cycle is that the yield is real, the report said, and with regulatory clarity, it would not be surprising to see global asset managers considering a possible DeFi exchange-traded fund (ETF) and active DeFi funds, the report said.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Uniswap is the largest decentralized spot exchange. “At today’s run rate, Uniswap on an annualized basis could have revenues crossing $1b,” the report added, noting that the UNI token already has a floating market cap of $9.3 billion. Read more: Ether’s Bitcoin Beating Rally Not Just Because of Potential ETF Approval: Bernstein
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Dogecoin turns lower after failing to hold $0.124
Traders are watching $0.122 as support and $0.1243–$0.1255 as the levels DOGE needs to reclaim.
What to know:
- Dogecoin inched up about 0.6 percent over the past 24 hours but remained stuck in a tight trading range as broader crypto sentiment, rather than token-specific news, drove price action.
- Late-session selling pushed DOGE back below short-term support at $0.1243, turning that level into near-term resistance and signaling fading upside momentum within an overall consolidation.
- Traders see DOGE as range-bound while $0.1222 holds, with a break below $0.12 viewed as a potential trigger for a deeper pullback and a reclaim of $0.1243 needed to reopen a test of $0.1255.
Top Stories
