“These attacks have negatively impacted token prices as investors lose faith in these hacked protocols,” CoinGecko said.Despite the massive reduction in DeFi on-chain activity, the report acknowledged that the sector retained most of its users.
While the total daily active users fell by more than 34%, dropping from almost 50,000 to just below 30,000 users in the second quarter, there were certain instances where DeFi activity saw a massive spike. CoinGecko identified two of those. The first was in early May, during the Terra collapse. Thousands of DeFi users flocked to decentralized exchanges like Curve Finance and Uniswap to sell their LUNA and UST holdings as several centralized exchanges sporadically halted the trading of these assets. As a result, the trading volumes on these DEXs skyrocketed.withdrawal restrictions on its users. Traders headed to DeFi protocols to enjoy permissionless transactions, causing the daily active users of DeFi protocols to spike by 24%.
Although DEX spot volume dropped to $274 billion in Q2 from the $446 billion recorded in Q1, Uniswap controlled about 60% of the market share across all chains.
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