According to Odaily, the dominance of decentralized finance (DeFi) in the global cryptocurrency market has reached its lowest point in three years. Following a market-wide sell-off last week and a subsequent relief rally, the DeFi index dropped from 3.82% on Monday to a low of 2.84% on Friday, marking the lowest level since early January 2021. This decline continues a downward trend that began in September 2022 when DeFi dominance was around 4.8%, with occasional minor recoveries. By early 2024, this metric had fallen to 4.47%.

In 2024, sectors such as meme coins have outperformed the market, and the introduction of Bitcoin and Ethereum spot ETFs has garnered institutional interest in these assets. Consequently, most DeFi tokens remain in a state of uncertainty, leading to a 29% decrease in DeFi dominance year-to-date. Market participants have shown limited interest in the performance of most DeFi tokens.