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To the DeFi Community,

The recent drawdown is the best time for anyone who’s heads down in the industry.

It’s less noise and more time to focus on building. These are the times that allow people to position for the next micro bull cycle. For the savvy investors, this is the time to start DCA’ing into some blue chip crypto assets at discount prices. There’s minimal scams, pump and dumps, and no one is fighting for attention to shill “the next big thing” on Twitter.

Right now, it’s easy to cut through it all and identify where value is being created and who the genuine builders are. It allows the new projects to get some footing in the space and attract real users, not those who are strictly in this for a quick buck. To me, these are the best times in crypto. The sentiment is bullish but the price isn’t going crazy.

But it may not last for long. Crypto assets are starting to rebound. They’ve been selling off for weeks now, with many of the high-risk assets experiencing -40% or -50% drawdowns. And it can’t go forever, especially not the way things are shaping up. Many of the underlying DeFi protocols are continuing to grow. There’s still over $10B in value locked. The DEX sector continues to eat CEX’s lunch. And some DeFi protocols are looking towards layer 2’s in order to scale (Optimism launched last week).

All while ETH2 is the closest it’s ever been and public companies start playing the game of BTC musical chairs.

So while the price drawdown wasn’t a fun experience for many, we should welcome it with open arms.

Because the peace and quiet won’t last for long.

– Lucas

Find more lending & borrowing rates on our Rates page! 

Set Protocol and DeFi Pulse team up to launch a community-owned index protocol backed by a new governance token.

0x showcased a new API making Matcha the cheapest places to make DEX trades thanks to gas optimization.

Shell Protocol debuted its native stablecoin AMM with dynamics fees and flexible weighting.

Alpha Finance showcased their 3x leveraged Uniswap farming strategy.

DeFiDollar showcased thier new DFD governance token with retroactive rewards and liquidity mining.

Aave is a leading lending protocol supporting dozens of the top DeFi tokens. Aave is currently undergoing its migration from LEND to AAVE which you can do directly through the migration portal!

We’ve done an extensive amount of coverage on Aavenomics – a new suite of protocol upgrades that incentives protocol safety through AAVE rewards and protocol fees. The best part about Aavenomics is that all of its parameters – including the logistics of Aave yield farming – are governed by tokenholders. There’s a ton of good activity happening on the Aave governance forum and we’d definitely recommend checking it out if you fancy yourself to be an Aavenger.

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The post This Week in DeFi – October 9th appeared first on DeFi Rate.

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