A tough week for Crypto: Stablecoin shakes, the Terra empire collapses

Welcome back to the "On The Road" Series, with the purpose of summarizing the week through Infographic images, to provide market insights in the most intuitive way for you.

Market overview for week 19

Let’s take a look at the tokens that are most noticed by the market in the first week of May 2022. In addition to the familiar faces on top like GMT, GST, FTM or CRO, we have 2 new names that have just launched and appeared on the top search of CoinGecko for the first time.

First is Step.App's FITFI, which is also a move-to-earn project, quite similar to STEPN. Currently, Step.App has nearly 2.6 million registered users.

Besides, Evmos also just opened the token sale. Evmos is a project that brings EVM from Ethereum to the Cosmos ecosystem.

Highlights in DeFi Categories from week 19

Volatility of major stablecoins in the market (excluding UST)

Stablecoins are cryptocurrencies that are pegged to an asset with a stable price, most of which is USD. Stablecoins are a useful asset in the cryptocurrency market, allowing traders to store assets without worrying about price fluctuations. 

But there are also some cases and events that cause the value of stablecoins to rise or fall relative to their anchor price. Especially in the case of UST, the price of UST in the photo has not been updated in the last few days. UST from Terra has brought to the market a terrifying phenomenon, when it suddenly lost up to 90% of its value, at the time of writing, the price of UST is $0.195, which is more than 80% down from the previous level peg. This crisis will probably be the end for Terra and LUNA. Will there be any method to restore Terra's ecosystem?

Partners of Oracle projects

To evaluate the potential and growth of an Oracle project, the number of customers that Oracle serves is one of the most important pieces of information, to quantify revenue through providing Oracle's solution.

Back to the number of customers in Oracle solution projects this month. Leading is still Chainlink with an impressive number of more than 1,348 partners, far behind top projects with more than 170 partners of Berry Data and more than 80 partners of Band Protocol.

Total value locked on Oracle protocols

Oracle is a system that provides real-time data for blockchains and smart contracts. Thanks to Oracle, blockchain and smart contracts (on-chain) can interact with external data (off-chain). Oracle provides direct service to DeFi applications and is very useful in DeFi applications.

Below is the total value of assets locked on Oracle protocols.

• First and foremost is Chainlink. Chainlink is the largest and oldest Oracle, with $28.5B TVL, representing almost 60% of the total value of the entire Oracle market.
• Besides, we also have other powerful Oracles like MakerDAO, Uniswap's TWAP, Band Protocol or Flux.
• CoinGecko itself also uses quite a few applications brought by Oracle.

Ondo Finance overview

Ondo Finance is an open and decentralized investment bank. Ondo offers choice between downside protection and enhanced returns. There are 2 options for users to choose from, each of them has different features and different APY.

Below there is a one-page overview for Ondo compiled from the Coin98 Insights team.

Blockchain games that are most interested in

Leaving aside the recent volatility in the market for a moment, we will come to play-to-earn, a rather interesting method of making passive money from playing games.

At the top of the rankings by social signal, we have World of Ether. This is a recently launched PvP game on Ethereum with interesting gameplay and beautiful graphics, followed by familiar names like EpicHero.io, Pegaxy, Crypto Citizen or Decentraland.

Highlights from ecosystems in week 19

One last look at Terra (LUNA)

We can not deny that Terra (LUNA) was once a powerful empire in the crypto market in general and DeFi in particular. The projects and partners in Terra's ecosystem have covered almost every aspect of the DeFi market, most especially the lending/borrowing sector with Anchor Protocol. There was a time when Terra's TVL was the 2nd largest in the market, just behind Ethereum.

However, the market over the past week has seen the mighty Terra collapse. UST plunged after losing its peg, LUNA split million times from ATH, Anchor's ANC also instantly lost value.

Is this the end for Terra, is Terra the biggest ponzi project of all time? Things are still not clear, Terra's team, especially CEO Do Kwon, have also made a lot of positive moves in restoring Terra.

Learn more: What is a Ponzi scheme?

Conclusion

The above is all the remarkable information compiled by the Coin98 Insights team. If there are errors in information analytics or any other problems, I really hope you guys can comment. See you in the next episode of “On The Road”!