Two coins from the Ethereum (ETH) ecosystem are leading the charge of a new resurgence in decentralized finance (DeFi), according to blockchain analytics firm Glassnode.
In a new report, Glassnode says that its DeFi index, which consists of the eight largest DeFi tokens by market cap, has outperformed Ethereum over the last two months for the first time since September 2022.
Zooming in on the index, Glassnode says that two tokens are standing out as the primary drivers of the trend: the stablecoin governance token Maker (MKR) and the native currency of the smart contract DeFi protocol Compound (COMP).
The firm says the strong performance of the two altcoins may be linked to recent fundamental developments for the two crypto projects.
“Upon closer examination, we can see that the performance may well be closely related to new project fundamentals, rather than wider market developments.
On June 28th, Compound’s founder and CEO, Robert Leshner, announced his departure from the lending
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