Even after four months since the massive slump from a record price above $126,000, sentiment surrounding Bitcoin remains fragile. Its failure to bounce back has intensified fears about another crypto winter.
But Matt Hougan, Chief Investment Officer at Bitwise, believes that decentralized finance could play a central role in leading the market out of the current bear phase, as investors increasingly focus on fundamentals such as real users, revenues, and sustainable value.
Aave at the Center
In a recent post, Hougan spoke about a governance proposal published by Aave Labs, the team behind the Aave lending protocol, titled “Aave Will Win,” as an example of why DeFi may be entering a new phase. According to Hougan, DeFi protocols like Uniswap and Aave already function as serious businesses. Uniswap, at times, handles more spot trading volume than Coinbase, while Aave generates more than $100 million annually in revenue.
Despite this, DeFi-related tokens have underperformed, largely b
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