It is important to mention, that a host of other metrics are pointing to a strong summer for DeFI as the fate of CRV and the strategies that depend on it for yield play out.
After eclipsing the $100-billion mark last week, DeFi’s TVL figure currently sits at $123.29 billion, having climbed another $20 billion. Also, multiple DeFi projects remain green on the daily and weekly, such as Curve and Compound and OG projects like Maker are on tear with the MKR token eclipsing $4,000 for the first time yesterday, even as the wider markets pulls back after exception Thursday.
The surge has multiple observers praying for a “DeFi Summer 2.0.” While throughout the winter and spring, a handful of DeFi Gen 2 tokens managed to overperform, and the sector looks to be the recipient of a strong rotation into older, established projects. Last summer, the space took off in a major way — but was also marred by a spate of hacks and exploits.
Ultimately, however, the greatest sign in the stars for DeFi (as well as the larger market) is the performance of a joke: Dogecoin (DOGE).
The meme currency is hungry for blood, eclipsing five-digit gains on the year at 12,600%. Traditionally, when the Shiba Inu runs, other altcoins follow — another bellwether pointing toward a bumper DeFi harvest.