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DeFi had a strong run up in the first half of the year, peaking in May, and has since lagged the broader market after the correction post the China ban news. Investor focus over the summer has shifted towards L1 and L2 investments, while ETH DeFi has fallen behind. One positive in the DeFi space has been the SOL ecosystem which has performed well with names like SRM, FTT, SOL, and RAY. It was better if you held ETH or BTC over the past year than looking for passive DeFi exposure, but that may change in the last leg of the year. With Bitcoin and Ethereum nearing all-time highs, it may be the catalyst needed for DeFi names to break out of their slump.
-Harsharn Singh, Investment Associate @ Ember Fund
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