The collapse of the previous second-largest DeFi ecosystem – the crash of the LUNA token associated with Terra highlights the bear season, which affects cryptocurrency conditions, and DeFi has lost 45% of its value since the end of April. rice field. report.
DappRadar’s Blockchain Industry Report in May 2022 states that the value of (CRYPTO: BTC) and (CRYPTO: ETH) has been lost by 25% and 40% since (CRYPTO: Terra) was shut down.
The industry’s TVL has fallen 45% since the end of April and is now estimated at $ 117 billion. Still, DeFi space has increased by 11% in locked values since May 2021.
Meanwhile, Justin Sun’s Tron (CRYPTO: TRX) is the only blockchain DappRadar truck that experienced growth in May, with a 47% increase in TVL.
NFT market volume down 45%
The NFT market generated $ 3.7 billion in May, down 20% from the US dollar volume registered in April. However, the volume measured by the token shows a 6.5% decrease.
Overall, the volume of the NFT market fell 45% to $ 10 billion, down from $ 18 billion in April. This is mainly due to the turbulent month of the collection of good stocks.
For example, the Bored Ape Yacht Club (CRYPTO: BAYC) dropped 38% from 150 Ethereum to 93 in May.
However, this loss benefits new collections such as Otherdeeds, the BAYC Metaverse game lot, and Goblintown, which has achieved $ 31 million in trading volume since its launch.
Do blockchain games avoid crashes?
According to the report, investments are piled up on blockchain games, the gaming category is resisting cryptocurrency crashes, activity has decreased by only 5% and increased by 197% year-on-year.
In May, Dapper Labs announced a $ 725 million fund to accelerate the growth of the flow ecosystem and a16z’s $ 4.5 billion major commitment to CryptoFund 4 focused on developing blockchain projects. did.
Overall, blockchain games continued to add more proficiency by incorporating gamification elements into physical activity using dApps such as STEPN and Genopets. Besides that, Play-to-Earn’s BAYC Metaverse project generated $ 760 million in May, pushing virtual world NFTs to the best month at $ 850 million.
“The macroeconomic situation and the Terra event highlighted the impact of the bear season and lowered crypto prices with a slight decline in industry enthusiasm. Still, the number of user hires and web3 developers is increasing. Is a positive sign, “says Dapp Radar.
“Similarly, it’s encouraging to see that the dApp industry has matured into a multi-chain ecosystem that can withstand Terra-scale adverse events,” he added.
This article was submitted by an outside contributor and may not represent Benzinga’s views or opinions.
