Timeline of the Decline
January 2022
$5800.00
All-Time High - Peak euphoria
February 2022
$2000.00
OHM-style rebase tokens lose favor
June 2022
$200.00
DeFi 2.0 narrative fully collapses
Current
$150.00
Post-collapse trading
What Went Wrong
-
OHM Fork Contagion
As an OHM-style protocol, BTRFLY suffered when the entire rebase token narrative collapsed in early 2022.
-
CRV/CVX Wars Complexity
The protocol's strategy of accumulating CVX and CRV became less valuable as Curve rewards declined.
-
Market Conditions
The 2022 bear market crushed all DeFi governance tokens, and BTRFLY's complex tokenomics didn't help.