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DeFi market is down by 74.6%

DeFi market is down by 74.6%

Most of those volumes were lost following the Terra and UST stablecoin collapse. 

According to the CoinGecko report, the capitalization of the decentralized finance market in the second quarter decreased by 74.6%, from $142 million to $36 million. A key trigger for such a decline was the collapse of TerraFormLabs and its UST stablecoin in May. 

Moreover, the number of hacks of DeFi-platforms increased in the second quarter. According to experts, the attacks negatively affected token prices, as investors stopped trusting projects that lost money as a result of hacks.

Still, the study notes that the DeFi industry has managed to retain the majority of its daily active users. Their number dropped 34.5 percent from nearly 50,000 to about 30,000 in the second quarter.

According to the report, the dominance of Bitcoin in the second quarter remained at the level of the first three months of the year - the first cryptocurrency occupies 46.8% of the market. The share of Ethereum decreased from 21.4% to 16.3%. Altcoins BNB, DOGE, and TRON increased their relative market shares to 4.4%, 1.1%, and 0.73%, respectively.

Almost all of the largest cryptocurrencies by capitalization suffered losses in the second quarter. The only exception to the Top 30 was the Bitfinex LEO exchange token, which managed to show a 61% increase in value compared to Q1 2022.

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