cryptocurrency

DappRadar Blockchain Industry Report Released August 2022

According to the latest developments Blockchain Industry Report released from DappRadarThe world’s leading app store for decentralized apps, despite DeFi-based activity increasing 3.7% month over month, industry TVL down 10.47%.

Conversely, Ethereum scaling solutions saw significant increases in DeFi metrics during consolidation, as optimism was raised to the top 10 blockchain by around $1 billion TVL.

Circle, the payments company behind USDC, has responded to OFAC sanctions against Tornado Cash by blocking certain addresses and freezing $75,000 in cash, which in turn impacts the stability of the DAI stablecoin, whose peg is maintained stable. Through USDC deposit.

The DeFi sector lost about $8.7 billion in TVL per month as a result of the ban on usage dYdX And the ghost By anyone who has interacted with Tornado Cash. “Although DeFi is showing signs of recovery when analyzing active unique industry portfolios, overall DeFi TVL continues to suffer and currently stands at $74.21 billion, which is a worrying decline given that this amount was $250 billion less than eight months ago,” a DappRadar report announced. .

Fortunately, the upcoming Ethereum integration appears to be driving the evolution of Ethereum-based Layer-2 (L2) protocols. First place goes to optimism, a blockchain whose closed value has grown by 57.61% per month to join the top 10 companies, with a total closed value exceeding $1 billion. come next resolutionan increase of 14.36% over the previous month, then ribbedwith an increase of 6.50% on a monthly basis but an annual decrease of 62.58%.

The report indicated:

“Dapps developed on the Ethereum Mainnet will continue to migrate to Layer-2s, due to liquidity mining incentives, cheaper gas prices, and the possibility of retroactive token dropping. As users pile on these pools and TVL evolves, new protocols will be encouraged to be created directly on L2s. , which entails UX improvements across ramps, wallets, and bridges to enroll users directly into L2s.”

In contrast, the NFT market is going through tough times as evidenced by Opensea’s recent layoffs, low trading volumes discussed below, cryptocurrency devaluation, and massive liquidation potential for Bored Monkey NFTs by BendDAO.

Peer-to-peer lending platform pandao Files for bankruptcy. The platform allows users to borrow ETH by pledging NFTs as “collateral.” As a guarantee, BendDAO has 272 NFT from Bored Monkey Yacht Club collection (or 2.72 percent of the total). The drop in the minimum rate put 45 of the 272 loans in the “risk zone”. It may be auctioned off in the coming days. The entire BAYC group could be affected by a sale of this size (estimated at $5.3 million).

Despite these problems, there are two interesting new markets –Jim Stop And the Nickelodeon NFT Marketplace – Launched in July. Sudo SwapA new NFT marketplace that intends to change the way cryptocurrency users think about NFT liquidity and deals, which was launched in August. This has been possible since the idea of ​​an “automated market maker” (AMM) was introduced to NFTs in this new market.

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