The move was caused by individuals on 4chan calling the token the “next big thing,” with one likening the coin to Tellor.
The token in question was Opyn y.curve Insurance (OCRV), which allows its holders to obtain insurance on their deposits into DeFi protocol Curve.fi. The issue is: the insurance that OCRV provides expired — expired more than two months ago.
As a trader recently observed, 4chan’s love of this growing segment of the Ethereum ecosystem is back. And it’s back with a vengeance.
4chan is obsessed with Ethereum DeFi yet again
As pointed out by a pseudonymous Bitcoin trader, 4chan’s “biz” forum is once again obsessed with all things decentralized finance.
The trader shared the image below of a page search of the term “DeFi” on the “biz” home page. The search returned 28 results — on one page alone.
CryptoSlate looked at some of the posts on the forum and observed many posts referencing Chainlink or other projects that these users think will “moon” and “pump.”
4chan’s recent uptick in DeFi interest comes as this segment of the Ethereum ecosystem has seen parabolic growth.
Ex-Bloomberg journalist Camila Russoobserved on Jun. 19 that the value of tokens locked in DeFi contracts has shot up by 40 percent last week.
This metric has grown even more over the past few days, with there now being nearly one percent of all Ethereum locked up in Compound
Although the two protocols are different and serve different users, the premise of the two tokens is the same: after building a solid user base, these protocols want to further decentralize themselves and incentivize adoption by implementing a native token.
Both of the Ethereum-based altcoins have multi-hundred-million-dollar valuations as investors want to wield influence over DeFi and want to capture on the upside in this segment of crypto.