The performance of the 2nd quarter 2022 (2Q22) of the decentralized financial market (DeFi) experienced a decline in capital value of 74.6% but the number of active users remained high.
The argument is presented in a report released by crypto data aggregator, CoinGecko in explaining the performance of the market quarters.
Details of the report saw DeFi’s market capitalization decline 74.6% to $ 36 million, down from $ 124 in the 2Q22 string from the collapse of Terra and the TerraUSD Classic (ISTC) stablecoin.
Also listed are the increase in DeFi exploitation cases such as the Inverse Finance incident which lost $ 1.2 million and Rari was stolen $ 11 million due to hacking has caused the market value to decline.
Despite the decline, the number of daily active users of the DeFi industry recorded an increase of 34.5% to between 50,000 to 30,000 in 2Q.
Commenting on the report, among the months that recorded the highest daily active user spike were in May and June.
As of last May, most consumers are understood to have moved to Curve Finance and Uniswap Terra and USTC’s sales string as well as financial issues faced by crypto lending platform Celsius in June.
In addition, 2Q’s non-fungible token (NFT) trading volume also declined with its value falling 26.2% from its June 2021 peak at $ 7.6 billion.
Then in June 2022, the NFT market reached its lowest trading volume in 12 months at $ 830 million following a fall in the floor price of digital assets.
