November 2021 Market Commentary

Cryptocurrencies and traditional markets wavered in November largely due to concerns over the COVID-19 Omicron variant and Fed policy tapering bond purchases. Ethereum was resilient as scaling solutions saw record high usage, and net token issuance was the lowest since the introduction of EIP-1559. DeFi set new records in November, achieving all-time highs in Total Value Locked ($276.92B) and borrowed volume on top lending platforms (+$35B in November).