The outbreak of volatility in the cryptocurrency market has only led to a “slight decline in activity” in the decentralized finance (DeFI) sector. About it in my blog reported DappRadar analytics.
Platforms like Trader Joe, GoodDollar, and ecosystems like Axie Infinity suffered the most from volatility. In the case of Trader Joe, the token exchange saw a 5% drop in user base. Axie Infinity SLP and AXS tokens fell by 38% and 19% in price, respectively, against the backdrop of volatility.
At the same time, PancakeSwap, an exchange based on BNB Chain, managed to grow its user base by 13%. At the same time, the native token of the CAKE platform also lost more than 16% in price.
Non-fungible tokens (NFTs) were also able to show relative stability amid the market crash. CryptoPunks collection token trading volume skyrocketed by 63% in a week, but the token market price fell by 4%.
Minimum price tag of Invisible Friends collection tokens grew at the same time by 21%, reaching almost $10,000. Moreover, the collection attracted 140% more sales on the back of volatility and attracted close to 300 unique traders in the last week.
While token prices have fallen on many blockchain-enabled playgrounds, activity in the DeFi sector itself is on the rise. This is one of the areas in the industry that is causing a constant increase in interest and attention from crypto enthusiasts, according to DappRadar.
Over the past week, the cryptocurrency market capitalization has lost $200 billion, dropping to $1.2 trillion. However, at the time of writing, Bitcoin managed to recover above $30,000 in the BTC/USD trading pair.
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