DeFi Comeback — September 16

Chart of the Day

Tuesday’s episode of network outages didn’t dent the overall uptrend of L2 projects. With the price floor of older NFT projects reaching a plateau, it seems like the market is leaning more favorably towards DeFi assets. Looking at the chart, most DeFi tokens are picking up at a much faster pace from the local bottom on Sept. 13, compared to some of the largest cryptocurrencies by market cap. Blue chips including AAVE, COMP, and CRV are leading the recovery.

Talk of the Town

The insidious insider trading dreaded by all financial institutions took place in the largest marketplace amid the NFT craze. OpenSea acknowledged the accusation of one employee’s front-running sales with insider knowledge but did not confirm the identity of the employee or how much was profited from the sales. Being one of the go-to marketplaces in the NFT space, OpenSea logged a record transaction volume of $3.4 billion in August alone. However, the company seemed to adopt a relatively lenient attitude towards employees investing in NFTs with privileged knowledge, or at least that’s the case before this incident.