Home NFTs U.S. Banking turmoil halts NFT hype as DeFi thrives

U.S. Banking turmoil halts NFT hype as DeFi thrives

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As a recent DappRadar report revealed, the recent collapse of the Silicon Valley Bank (SVB) and USD Coin (USDC) depegging has put an end to the hype around non-fungible tokens (NFTs) and has led to decentralized finance (DeFi). ) activities.

Over the weekend of March 11-12, DeFi trading volume surpassed $58 billion across all platforms, according to DappRadar, while the number of active NFT traders on March 11 was the lowest since November 2021. recorded the lowest. report.

DeFi surge

DeFi’s Total Value Locked (TVL) fell 9.6% from $79.28 billion to $71.61 billion on March 11 after the SVB crash and USDC unpegging. The number of transactions he also increased by 23% from 1.3 million to 1.6 million.

DeFi Transactions (Source: DappRadar)
DeFi Transactions (Source: DappRadar)

After SVB’s USDC Reserve went public on March 13th, the DeFi market stabilized as well, with DeFi TVL growing to $81.15 billion, a 13% jump.

The number of unique active wallets (UAW) interacting across DeFi protocols also registered a 13% increase between March 8th and March 11th, rising from 421,026 to 477,094.

DeFi winner

Among all DeFi protocols, Uniswap (UNI) became the protocol with the largest increase in UAW numbers, while 1inch Network (1INCH) won in terms of trading volume.

Uniswap’s UAW increased from 54,000 on 10th March to 67,000 on 11th March, marking a 24% increase. Trading volume also recorded a 96% increase, rising from $7.34 billion on March 10 to $14.4 billion on March 11.

Meanwhile, the 1-inch network saw a 304% increase in trading volume, from $855 million on March 10th to $3.46 billion on March 11th. The number of UAWs on the exchange also increased from 21,600 to 24,100 at one time. Day — marks an 11% increase.

NFTs

The NFT market has grown at an impressive rate over the past few months. The NFT space remained resilient during the coldest winter in cryptocurrency history, and was able to fully return to pre-Luna crash levels in February.

However, the NFT sector has taken a hit from the turmoil in the US banking industry. NFT trading volume has fallen 51% since early March, down from 156,000 in February to 128,000 today.

NFT trading volume and sales (Source: DappRadar)
NFT trading volume and sales (Source: DappRadar)

The number of active NFT traders was recorded at 12,000, the lowest since November 2021. It also recorded the lowest number of transactions in a single day with 33,112 transactions.

Interestingly, bank turmoil did not affect NFT trading volumes as much as trader activity. justified.

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