Several DeFi mainstays crack the top 20 in the long-awaited “Great Repricing”

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Hardcore Decentral Finance (DeFi) supporters awoke today to a long-awaited sight of Coingecko’s top 100 rankings by market capitalization: Native tokens for the popular DeFi platforms Synthetix and Aave have crept into the top 20, an event that DeFi observers as “The Great Repricing. “

DeFi investors, users and builders have long argued that compared to other cryptocurrency projects, given DeFi’s growing user base, cash flow from protocol fees, and increased activity compared to scattered Layer 1 networks, the large sector is the “zombie Chain “is severely undervalued in the top of its market cap.

If the past week is any sign of this, it seems the broader market has finally woken up to the mismatches. SNX and AAVE are up 40% and 74%, respectively, weekly. Both are over $ 2.3 billion due to market capitalization, outperforming Layer 1 companies like Tezos and Tron.

The steps follow promising developments for both projects. Aave has a proposal in the works that, if approved by the government, will modify the $ 370 million security module to potentially create an entirely new line of insurance products, while Synthetix will introduce a Layer 2 scaling solution was supported.

In addition, some think that this could only be the beginning for DeFi assets when a new “Alt Szn” begins.

“While this is an important milestone, it is just the beginning of a trend that we have been talking about for a while,” said José Macedo, partner at Delphi Digital, in an interview with Cointelegraph. “[…] In terms of where this leads, the TAM for consumer finance is $ 3.2 billion. We see the added value for DeFi in funding what the internet has done with data. Converting financial primitives into “Money Legos” and creating an open ecosystem that enables permissive innovations throughout the stack. ”

It’s a long-term view that could bring achievements like reaching the top 20 through cryptocurrency rankings, but Macedo warns that the path to achieving such high goals is not necessarily a smooth one:

While the general direction is clear, keep in mind that without volatility you cannot achieve a massive uptrend. We are undoubtedly facing a bumpy ride as regulation is great and DeFi is declared dead many times over.