Welcome back to "On The Road", a series to summarize the week through Infographic images, to provide market insights in the most intuitive way for you.
Market overview for week 24/2022
Tokens that received the most attention in week 24
The most searched token on CoinGecko last week was CEL, token of Celsius. On June 13, this decentralized lending platform stopped users from deposits, withdrawals, or doing transactions. This caused a lot of confusion and panic as users feared that the financial situation of the platform was in trouble and could affect the entire crypto market.
The second token on the list was USDD, the algorithmic stablecoin of the TRON ecosystem. On June 13, stablecoin USDD lost its peg and continuously decreased in value. At the time of writing, the value of USDD was 0.95 USD. This raised concerns among investors that the fate of TRON would be the same as that of Terra.
The Move To Earn continued to be a trend as MOVEZ token, the MoveZ project's token, becomes the third most searched token. The remaining tokens are all well-known tokens such as YLD, OP, LUNA...
Notable events in week 24
Here are the notable events that took place in the past week:
- Launch events: Merit Circle DAO partnered with Yield Guild Games, Immutable X introduced Arch v1.0, Circle issued Euro-backed stablecoin, CoinGecko add tokens; supply vesting schedule, introduced Korea Blockchain Week 2022.
- Other events: Youtuber Bitboy Crypto prepared to sue against Celsius, Crypto Hedge Fund liquidated by FTX, Derbit, BitMEX and was considered asset sales, Inverse Finance got hack…
Highlights in DeFi Categories from week 24
Top 10 most mentioned NFT projects on Twitter
NFT is a completely unique digital asset that cannot be replaced by another token. It can be used for demonstrating ownership or tokenizing works of art by artists and game developers, and so on, due to their characteristics.
In the past week, PancakeSwap has surpassed Tezos to become the most mentioned NFT project on Twitter with 8,011 mentions. This happened because Pancakeswap has held a photo contest since May 2022. To win enticing prizes, participants need to tweet a snapshot of Pancakeswap's products from anywhere in the world.
Tezos came in second with 7,322 mentions, and StepN, the top NFT project on Solana, came in third with 6,782 mentions.
Last week's new NFT projects included Bored Ape Yacht Club, Kyuubi Token, BSC Station, and MicroPets. These were all interesting NFT projects that help users make money.
The stablecoin market overview
Below is an overview of the 6 largest stablecoins in market cap in the first six months of 2022: USDT, USDC, BUSD, DAI, FRAX, and TUSD.
The total market capitalization of those 6 stablecoins hit $152.4B, an increase of $8B compared to the last six months of 2021. Tether's USDT remained the world's largest stablecoin although its market capitalization dipped below $72B, down $11.6B from the ATH at the beginning of May 2022. This is the lowest level in the last 8 months.
With a market cap of $17.4 billion, BUSD was a gradual and steady growing stablecoin. The remaining three stablecoins, DAI, FRAX, and TUSD, were generally on the fall. Please see the table below for more information.
Top 3 Stablecoin comparison
The table below compares the launch year, collateral, issuer, number of chains, peg, supply, dominance rate, and rank by the market cap of the top 3 stablecoins: USDT, USDC, and BUSD.
USDT was the oldest stablecoin that dominated the market, had the largest supply, and was ranked third in terms of market cap, just after Bitcoin and Ethereum. Despite many obstacles and rumors, USDT maintained its strong position.
Circle's stablecoin, USDC, was ranked fourth. BUSD, Binance's stablecoin, was ranked sixth, just behind BNB, Binance's token. Please see the table below for more information.
Highlights from ecosystems in week 24
Solana is a third-gen blockchain platform that is specifically designed for decentralized applications (Dapps) such as DeFi or NFT projects. The Solana blockchain is an open-source project that uses Proof-of-History (PoH) consensus.
AMM (Automated Market Maker) is an automated market maker. This is a transaction method that uses an algorithm to calculate the token price at the time of purchase.
There are currently about 23 active AMM projects in the Solana ecosystem. The 5 most notable AMM projects include: Raydium, Atrix, Orca, Saber, and Saros.
Raydium is Solana's top AMM as it combines AMM with Orderbook. Raydium's 24-hour volume (transaction volume within 24 hours) had surged by $22.6M in just three months. Orca's 24-hour volume climbed to $16.8M, while Saros' increased by $6.24M.
Even so, the TVL (total locked value) of these AMMs declined significantly compared to the last 3 months: Raydium was down $457.4M, Atrix was down $120.3M, and Orca was down $223.8M...
These AMM projects were also planning to launch new products such as the veToken model, permissionless farms, stable pool and pool…
Review Top Lending/Borrowing platforms on Solana
Lending & Borrowing are critical factors for investors. This is also the core niche of DeFi which generates a lot of activities and profits. It is important for the ecosystem's development.
Currently, the Lending & Borrowing segment on Solana has 5 notable projects: Solend, Mango Markets, Hubble Protocol, Port Finance and Parrot Protocol.
The most noteworthy is Solend, a project that enables users to borrow and lend crypto assets in a simple and secure way without the involvement of a third party. The total lending and loan assets of Solend were $524M and $222M, down $646M and $217M from March 2022, respectively.
Mango Markets, a decentralized platform that allows cross-margin trading with up to 5x leverage, was in second place. It had the total lending and lending assets of $152.4M and $35.7M, respectively.
These platforms were also planning to launch new products to serve the increasing needs of users, including margin trading, customizable vaults, yield bearing tokens…
Near Protocol Ecosystem
NEAR is a blockchain platform allowing developers and entrepreneurs to build applications and secure high-value assets such as money or identity, etc. while making them friendly and usable enough for consumers to access.
DApp means Decentralized Application. DApps are built on smart contracts, making them automotive and hence, decentralized. These kinds of applications can run without any entity management.
The number of Dapps built on the Near Protocol is growing by the day.
Ref Finance, a decentralized exchange with an AMM mechanism, was the project with the highest TVL (total value locked) $207M. Ref Finance had recently completed numerous important updates, launched Ledger Support, and collaborated with Allbridge...
Bastion Protocol was in second place, with the TVL reaching $180M. This is an Aurora-based decentralized lending and borrowing mechanism. Burrow, Trisolaris, Aurigami, and other well-known projects followed in the list. Please see the table below for more information.
Those were all the remarkable events compiled by the Coin98 Insights team. If there are errors in information analytics or any other problems, please leave a comment.
Thank you for spending time reading this article, and see you in the next episode of “On The Road”!