ecosystem registered a 76% decrease in market capitalization over the last quarter. Between April and June, while the entire cryptocurrency market was plagued by a full-on bear run, DeFi market capitalization declined from $142 million to $36 million.
According to CoinGecko, the same can be attributed to the collapse of Terra and its stablecoin, UST, and a spike in DeFi exploits.The report also found that the last quarter was marked by a 34.5% decline in Average Daily DeFi Users, compared to 1 April. Interestingly, CoinGecko also found that despite the significant decline in DeFi market capitalization, activity with the ecosystem generally was above average. It stated further that although daily active users across DeFi protocols declined by up to 40%, “there were multiple instances in Q2 where the need for DeFi truly shined.”
“In early May, the number of DeFi users spiked during the Terra collapsed, as CEXs halted trading sporadically. As such, trading volumes on Curve Finance and Uniswap skyrocketed as holders were eager to sell their LUNA & UST. In the wake of Celsius’ withdrawal restrictions on 13 June, daily users of DeFi protocols spiked by 24%. In both events where centralized entities have failed, users have flocked to enjoy DeFi’s permissionless nature.”Furthermore, it was reported that there was a 55.
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coingecko looking forward to see DeFi grow and mature, especially with the growth of tokens like MATIC that have always been the cornerstone of DeFi. Now more than ever after the zkevm release which was predicted to take many years when Polygon did it in less than 1 year