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The outbreak of market volatility hit game tokens, but the decentralized finance (DeFi) sector itself was able to withstand the blow.
The outbreak of volatility in the cryptocurrency market has led to only a “slight decline in activity” in the decentralized finance (DeFI) sector. This was reported in his blog by analysts at DappRadar.
Most affected by volatility were sites like Trader Joe, GoodDollar and ecosystems like Axie Infinity. In the case of Trader Joe, the token exchange platform recorded a decline in the user base by 5%. Tokens Axie Infinity SLP and AXS against the background of volatility fell by 38% and 19% in price, respectively.
At the same time, the PancakeSwap exchanger based on BNB Chain was able, on the contrary, to increase the 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 a market crash. The trading volume of tokens of the CryptoPunks collection soared by 63% over the week, but the market price of tokens decreased by 4%.
Source: dappradar.com
The minimum price tag of tokens of the Invisible Friends collection at the same time grew by 21%, reaching almost $10,000. What’s more, the collection has attracted 140% more sales amid volatility and attracted around 300 unique traders over the past week.
Source: dappradar.com
While on many blockchain-enabled gambling sites, token quotes have fallen, activity in the DeFi sector itself is growing. This is one of the areas in the industry that causes a constant increase in interest and attention from crypto enthusiasts, according to DappRadar.
Recall that over the past week, the capitalization of the cryptocurrency market has lost $ 200 billion, dropping to $ 1.2 trillion. However, at the time of writing, bitcoin was able to recover above $ 30,000 in the BTC/USD trading pair.
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