The prevailing narrative across CT is that DeFi is dead.

This is understandable, as we know sentiment is largely driven by price. And DeFi prices are, uh, not great right now.

That said, we do see some encouraging signs of growth and risk-on lurking underneath the “DeFi number bad” surface.

Uniswap — a bellwether for the broader DeFi space — offers a case in point.

Monthly users are consolidating and look primed to grind higher. And volumes just printed their highest and 2nd highest levels over the past two months, respectively. Talk about a narrative violation…

For more charts like this, check out the Markets Team’s August report, which drops next Thursday (8/10). We shall discuss why we believe we’re now entering the beginning stages of a new bull run and also debate how to best position ourselves ahead of the pamp. More narrative violations to come… Don’t sleep!