DappRadar publishes its latest quarterly report. It focuses on the collapse of Terra, Celsius and 3AC and as the liquidity crisis intensifies. The document also delves into the intense competition between the NFT market, stating that OpenSea’s market share dominance continued to shrink in Q2.
According to a Q2 industry report, persistent market crashes have dramatically reduced the enthusiasm of DeFi users, with the daily number of Unique Active Wallets (UAW) interacting with apps on the blockchain at 2.11 million. Average in Q2, down 11% from Q1 2022, but still growing 62% year over year.
The fall in crypto prices was also exacerbated by the collapse of Terra and liquidity problems plagued CeFi players such as BlockFi, Celsius, Voyager and 3AC following the collapse of Terra. ) is down 34%, well below $1 trillion and unprecedented since Q4 2020.
amid the growing liquidity crisis The user’s funds are therefore more at risk. when web trading “Sudden withdrawals” to protect liquidity that is flowing This underscores the importance of using a self-controlled wallet. (Self-Custody)
The report also highlights safety concerns. More than $676 million in digital assets were stolen in Q2.hack Harmony in June And resulting in the loss of $100 million in ETH, Elrond Arda and Maiar’s dapps were stolen of $127 million and $113 million, respectively, in the same month.
Increasing competition among the NFT market
It is worth noting that Despite broader crypto market pressure, NFT continued to perform this quarter. This was due to the loss of the blue-chip collection in June. Which, in a sense, proves their status as a store of value.
Due to the increasing NFT market, which competes for market share, OpenSea has decreased trading activity and revenue.
“The decline in trading is due to the falling market capitalization of cryptocurrencies. and increased competition in NFT trading. Meanwhile, market volume, measured in USD, has dropped about 70% since May. But volumes, measured in ETH, were down about 55% over the same period.”
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