The decentralized currency (DeFi) sector faced its first real problem during the market sell-off last week, wiping more than $ 1 trillion from the international cryptocurrency market cap as traders feverishly worried about the safety of safe cash when they fell.
Despite the rapidly falling token cost, the emerging DeFi sector has been able to maintain its personal level as the decentralized exchanges on Could 19 hit $ 11.7 billion. Uniswap (UNI) led with $ 5.7 billion, that of SushiSwap (SUSHI) with a 24-hour purchase and sale of $ 2.8 billion.
In line with Glassnode’s most recent DeFi Uncovered report, blue-chip DeFi tokens similar to UNI, SUSHI, Maker (MKR), Aave (AAVE), and Compound (COMP) largely repeat the decline in Ether (ETH) from the previous one two weeks. “Shows a comparatively excessive beta for ETH, but does not exceed the lower ATH value by more than 15% compared to the lower ETH value.”
New customers grow regardless of the decrease in TVL
The decrease in costs associated with the removal of liquidity by customers and the transfer of cash resulted in a 42% decrease in the overall value of reasonable contracts, which added careful tracking of the depreciation of Ether.
TVL is inextricably linked to the underlying value of the stored token. With ethers being some of the most important tokens on DeFi platforms, the decreasing TVL has much less to do with customer removal of funds and is usually associated with the decrease in costs.
During last week’s downturn, the proportion of Ethereum offerings tied to sensible contracts stayed above 23%, while supply on exchanges “rose from 11.13% to 11.75%”.
Regardless of falling costs, new customers are entering the DeFi ecosystem and the entire diversity of 30-day traders within the Prime DEXs has exceeded 1 million for the first time since last week’s sell-off.
Uniswap is the clear market leader with 2,415,000 customers from April 24 to 23, while 1 inch (1 inch) took second place with 78,200 customers and SUSHI took third place with 10,900 customers.
Steady money keeps their pens
Much of the power DeFi noted over the course of the sell-off could be due to the healthy safe coin market and the flexibility of safe cash, which USD Coin (USDC), Tether (USDT), and Dai (DAI) are similar to their greenback much of the crash, with Quantity Weighted Common Costs (VWAP) staying at $ 1.00 more often than not. “
In accordance with Glassnode, the efficiency of DAI was classified as “particularly constructive for DeFi”, since the circulating offer can be tailored very well to the requirements for security and protocol stability. The report also highlighted that reclaimed collateral and SGI were far from being made available as collateral holders requested withdrawals.
“This behavior enables collateral to stay healthy, liquidations to stay healthy and DAI to maintain its bond.”
The only safe coin that struggled to maintain its peg was TerraUSD (UST), which misplaced its peg to Could 18 when the value of their collateral from LUNA fell below the value of the safe coin they backed. This resulted in “unhealthy behavior on the Anchor Credit Score Market (ANC),” resulting in an above-average variety of liquidations on the protocol’s native credit score platform.
Overall, stablecoins fulfilled their intended performance and saved the pens throughout the ecosystem. The chain exchange amount for stablecoin reached $ 52 billion during the sale.
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