- The 46-page report understands how the aftermath of Terra UST and LUNA has disrupted the entire crypto environment and the stablecoin economy.
- 3AC’s financial problems have directly or indirectly affected at least 12 different crypto companies
- Coingecko scientists say the reduction in the stablecoin portion of the pie suggests that certain capital measurements have completely left the cryptobiological system.
Coingecko has distributed the organization’s second quarter digital currency report for 2022 due to various major changes in the last three months. A review distributed last Wednesday found that the second quarter of 2022 was filled with many terrible opportunities in crypto space.
Cryptographic company reports mean that while spot market trading volumes remain constant at $ 100 billion daily, the major 30 coins have lost some of their market capitalization since the previous quarter. Many cryptographic goofs began with the effects of the cascade type caused by the Terra UST and LUNA failures.
Coingecko data suggests that second-quarter investors ended stablecoin rather than mitigate risk
The subtlety of Coingecko is that shortly before UST was defeated, Stablecoin was the third largest fiat-based token in existence, with $ 18 billion removed in just a few days.
The report noticed that BUSD came up with a way to turn it into the third largest stablecoin. Following Terra’s UST, other stablecoin resources see their valuation tolerable, and Coingecko investigators suspect that certain measurements of assets have left the crypto economy.
The 46-page report further understands how Lido’s fortified resources were affected by Terra’s victory and the termination of Three Arrows Capital (3AC), a flexible investment in cryptocurrencies. One explicit graph that participated in the review shows how the financial problems of 3AC directly or implicitly affected more than 12 unique cryptographic organizations.
Read also: Yuga Labs takes Voyager to the other side
Terra and 3AC fallout spreads, Decentralized market capitalization falls
Decentralized finance (defi) has been hit as well, as the creators of Coingecko have stated due to the impact of third requests. For example, Maple Finance was not saved because the assets of a particular client were lent to Orthogonal Trading. This sent it to Babel Finance. , One of the 3AC lenders.
Defi itself withstood a ton, and according to Coingecko’s information, defi’s market capitalization fell from $ 142 billion to $ 36 billion in 90 days. The report also states that the failure of Terra and its stablecoin, UST, has significantly cleared a significant portion of decentralized finance value.
Coingecko’s review covers a variety of topics related to cryptocurrency in the second quarter of 2022, including points such as other stablecoins losing shares, decentralized exchange volumes, non-fungible tokens, and NFT commercial centers. Deal with. There was a lot of activity in the next quarter, but Coingecko’s report is characterized by the fact that most of it was negative and dark.
