The DeFi market plummeted down a cliff in the second quarter, but customers have not given up hope

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The DeFi market plummeted down a cliff in the second quarter, but customers have not given up hope

The DeFi market plummeted down a cliff in the second quarter, but customers have not given up hope
Source: CoinTelegraph
Source: CoinTelegraph
1657873547 15 Jul / 08:25

Despite a decline in on-chain activity, the DeFi sector has retained most of its daily active customers. Despite a market value decrease of 74.6 percent in Q2 for the decentralized finance (DeFi) industry, user activity has remained reasonably robust, according to CoinGecko.

In a study published on Wednesday, the crypto data aggregator CoinGecko stated that the entire DeFi market cap decreased from $142 million to $36 million during the second quarter, mainly owing to the May collapse of Terra and its stablecoin TerraUSD Classic (USTC).

CoinGecko also stated that an increase in DeFi attacks during the quarter led to the decline, citing the examples of Inverse Finance and Rari, which were hacked for $1.2 million and $11 million, respectively:

As investors lose trust in these compromised systems, these assaults have a detrimental effect on token pricing.

While on-chain activity has decreased, the DeFi sector has retained most of its daily active users, according to CoinGecko.

It was stated that the number of daily active users in DeFi declined by just 34.5 percent from 50,000 to 30,000 in Q2 and that many situations prompted a surge in DeFi usage.

In May, following Terra’s collapse, customers flocked to Curve Finance and Uniswap to liquidate their Terra (LUNA) and USTC holdings, causing the initial rise.

Similarly, according to CoinGecko, another rise in DeFi user activity occurred in June, when crypto lending firm Celsius imposed withdrawal limitations claiming financial troubles. Wednesday, Celsius filed for bankruptcy:

Users have come to appreciate DeFi’s permissionless nature in both instances when centralized institutions have failed.

In addition, the analysis showed that the trading volume for nonfungible tokens (NFTs) decreased by 26.2% from its peak in June 2021 to $7.6 billion in the third quarter, primarily due to a reduction in the trading volume of NFTs issued in the Ethereum network.

NFT trading volume reached $830 million in June 2022, coinciding with NFTs’ floor price collapse. This was the lowest trading volume in the previous year.

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