It is always crucial to look at how crypto assets perform against the “big guns” like Bitcoin and Ethereum. For all assets on Ethereum’s blockchain the Q2 2021 performance was rather bleak. Two assets keep outperforming ETH for the year, but MKR is the only one doing so successfully last quarter.

All Ethereum-Based Assets Perform Weakly

It is not entirely surprising to see very few assets even attempt a price push against Ethereum. The second-largest cryptocurrency by market cap has gone through a bullish spell in Q2 2021 before all markets came tumbling down. After surpassing $4,000, the price is now trying to stabilize near $2,100. Even so, when Ethereum gains or loses value, most assets on its blockchain will lose value against ETH either way.

For the top assets issued on the Ethereum blockchain, things do not look good in Q2 2021. The likes of SUSHI, AAVE, SNX, and YFI all noted performances between -19% and -65%. A substantial setback for assets that are valuable in their own way and have multi-billion dollar market caps. Going up against Ether is a harrowing ordeal, regardless of the current market circumstances.


neg perform vs ETH
Source: Ceteris

Zooming out to the yearly performance versus Ethereum for these assets, the situation doesn’t improve much. AAVE has given up just 7% over ETH, whereas SNX lost 67%. Such values are atrocious, although one has to consider the sector average is -34% for the year. In Q2 2021, the sector average is -46%, indicating things could have been a lot worse for these currencies. 

The bigger question is whether Q3 will offer any better returns for these assets. As an Ethereum price surge may be required to trigger price momentum for other assets issued on the blockchain, that seems unlikely. However, when that happens, those assets are likely to give up ground against ETH in the process. Thus, the second half of 2021 will prove rather interesting for many traders and speculators.

UNI and MKR Put Up A Fight Against ETH

Whereas the assets outlined above all perform bleakly against ETH, there are exceptions. During Q2 2021, MKR outperformed ETH by 12%, which is rather remarkable. That puts it well ahead of COMP – down by 27% – and UNI, down by 42% against ETH. Additionally, MKR also gained 23% in USD value during that quarter, despite the markets taking a sharp dive weeks ago. 

Pos perform vs ETH
Soruce: Ceteris

Things get even more interesting when looking at the performance versus ETH over the year. UNI, MKR, and COMP all have a healthy USD performance, but COMP dropped 24% against ETH.

On the other hand, UNI gained 21%, and MKR shot up by 55%, indicating that these are the two most resilient assets for users to increase their ETH holdings passively. A surprising turn of events, but one worth keeping tabs on.