NFT

NFT Maartplaze bléift als DeFi Protokoller leiden

07/15/2022
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A number of decentralized finance (DeFi) applications and their communities are vying for protection from a wave of liquidations as a result of the record-breaking collapse in cryptocurrencies, sometimes by taking unheard-of actions.

DeFi Staggers In The Winter

Even if the crypto market’s lending problem caused a gloomy period this past week, the DeFi ecosystem experienced a number of fresh advancements. Celsius, a different cryptocurrency lender with significant interests in DeFi technologies, filed for bankruptcy. In the second quarter, the market as a whole reached new lows.

A new alarm-equipped decentralized application (DApp) platform was introduced by the BNB Chain. Insolvent cryptocurrency lender Celsius was the subject of an investigation by the Vermont state regulator.

A huge user’s account that faced the possibility of a significant liquidation was temporarily taken over by Tokenhalter of Solend, a lending app on the Solana blockchain, earlier in June. This drastic action for DeFi looks to be a first. Later last month, a second vote resulted in the ruling being overturned.

All of that happened after MakerDAO, a cryptocurrency community-run software that supports the stablecoin DAI and operates Aave, one of the first decentralized autonomous organizations, ophält the token’s ability to be deposited and created on the DeFi crypto lending platform.

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The collapse of Terra and its stablecoin TerraUSD Classic (USTC) in May was a major factor in the entire DeFi market cap falling from $142 million to $36 million over the second quarter, says a report released by the cryptocurrency data aggregator CoinGecko Mëttwoch.

Defi

BTC/USD handelt iwwer $20k. Quell: TradingView

Despite a 74.6% market cap fall in Q2, user activity has remained largely stable, according to CoinGecko. It highlighted that the number of daily active users reduced just 34.5% from 50,000 to 30,000 in Q2 2022.

Additionally, the report noted that the spike in protocol exploits during the quarter, which affected companies like Invers Finanzen and Rari, which saw hacks totaling $1.2 million and $11 million, respectively, contributed to the decline. The report said:

"Dës Attacke hunn d'Tokenpräisser negativ beaflosst well Investisseuren d'Vertrauen an dës gehackte Protokoller verléieren."

Due to their tendency to be networked, DeFi apps—which allow users to trade, borrow from, and lend to each other without the use of intermediaries like banks—are struggling. Users frequently use tokens as collateral when borrowing coins from one app to deposit into another for higher rewards.

Zesummenhang Liesen | DeFi Protokoller mat méi héije Risiko vun Exploit Wärend dem Bärenmaart, hei ass firwat

NFT Marketplaces Thrive But DeFi With Revenue Floats

According to Token Terminal data, nonfungible token (NFT) marketplaces like LooksRare and OpenSea are the main platforms that still generate revenue.

Defi

Top Dapps baséiert op kumulative Protokollakommes an de leschten 180 Deeg. Quell: Token Terminal

The majority of the surviving protocols with the biggest revenue are decentralized financial platforms, demonstrating that while DeFi is down, it’s still in the game. These select protocols include MetaMask, Decentral Games, Axie Infinity, and Ethereum Name Service.

Decentralized applications (DApps) and protocols that share fees with token holders and liquidity providers are also profit-positive.

Protocols that provide token holders with passive revenue streams have a stronger chance of surviving till the start of the next bull market as the bear market continues to hammer prices and eliminate unproductive and poorly managed platforms.

Zesummenhang Liesen | DeFi verléiert $ 678 Milliounen un Hacker am Q2 2022, Neie Bericht weist

Featured image from Getty Images, charts from TradingView.com and Token Terminal

Source: https://bitcoinist.com/nft-marketplaces-thrives-as-defi-protocols-suffer/