As of the end of April, Terra (LUNA) totaled over $ 25 billion, with TVL (TVL), the second largest decentralized finance (DeFi) ecosystem after Ethereum.
However, after the collapse of the Terraform Labs ecosystem in May, the DeFi blockchain was heavily influenced by the subsequent crypto market. After that, the downtrend escalated due to the direct influence of cryptocurrency prices.
In particular, DeFi-locked Ethereum (ETH) totals fell 35% in May to $ 73 billion in the bearish market sentiment surrounding the Terra crash. DappRadar Report shared with Finbold on June 8th.
However, Tron (TRX) has increased its TVL in May by 47% (MoM) month-on-month to $ 6 billion, establishing itself as the only blockchain to report positive results.
In fact, Ethereum, Binance Coin (BNB), Polygon, and Solana (SOL) all suffered losses ranging from 27% to 38% as a direct result of price declines. Meanwhile, Avalanche, Kronos, Phantom and Nia experienced more than 30% loss on TVL.
Which DefiDapp takes the Terra mantle
The coming months will be important in determining the trajectory of this important blockchain sector. It is still unclear which blockchain ecosystem will take over Terra to replace Ethereum’s runner-up position.
Given that the decentralized open-source blockchain-based operating system TRON has added about $ 2 billion to market capitalization in the last three months, many people continue to grow beyond the number of accounts. Consider the asset as a potential suitor. One hundred million.
Since the collapse of Terra, BTC and ETH levels have decreased by 25% and 40%, respectively. Similarly, the industry’s total TVL has fallen 45% since the end of April, at about $ 117 billion at the time of issuance.
Recent sentiment around Ethereum hasn’t been big lately, but market dominance around Ethereum has hit its lowest since October 2021, ETH trading has fallen to a low for the first time in 18 months, and speculators have TVL in June. It suggests that you may incur additional losses. ..