CoinGecko Q1 industry report: DeFi total market capitalization fell 5.4%, only cross-chain bridges and derivatives grew

Market OverviewThe total market size is back to the beginning of the year, and the market value remains at US$1.9 trillion. FTM OKB UNI fell out of the top 30, FTT ETC WAVES squeezed in, and the market traded in Q1 There is no fluctuation in the volume. The average decline of the top five currencies is 9%. Only BTC and XRP finally returned to the water, and the others were all underwater. SOL fell the most. LUNA hit a new high, rose 121% in 21Q4, and rose by 24% in 22Q1. Earn becomes popular

Stablecoins grew by $23 billion in Q1, and the market structure has not changed, but UST has the first growth rate, and UST is the second. The correlation between Bitcoin and the S&P 500 has increased, only 0.3 in 21Q4, and increased to 0.7 in the first quarter Major events in the first quarter

Bitcoin AnalysisBitcoin price rose 1.6% in the first quarter, jumping back and forth between $36,000 and $45,000. Bitcoin hashrate hit a record in March in the first quarter A new high, reaching 248m TH/s. Compared with major commodities, Bitcoin did not perform well. Crude oil performed best in the first quarter. Bitcoin did not outperform gold in the first quarter. The impact of the conflict between Russia and Ukraine was the main reason for the market value of Bitcoin. It has surpassed Facebook (Meta), and GBTC, which currently accounts for 7% of gold, has been trading at a discount, with an average of 20% and a minimum discount of 30%. In contrast, BITO has basically no discount.

Analysis of Ethereum

The price continued to drop, dropping by 11% in the first quarter; the testnet Klin was successfully merged, and the enthusiasm for Staking was high in preparation for The Merge, The amount of ETH pledged increased by 25% in the first quarter, and nearly 10% of Ethereum is currently pledged. Kraken and Lido are two leading service providers. After the merger, the daily output of ETH will be reduced from 12,000 to 1,280. , a reduction of 90%, which is even more exaggerated than the halving (50%) (Wayne is nonsense: the Bitcoin halving will increase six times, from more than 10,000 to more than 60,000, and Ethereum should be 10.8 times according to the ratio. Don't be too greedy , ten times, that is 30,000 Ethereum)

The rise of USTUST’s market value increased by 61% in the first quarter of this year, and continues to be the number one decentralized stablecoin. In contrast, DAI In the first quarter, FRAX, a similar algorithm stable currency, also rose by 49%. At the same time, Terra Ecology also benefited from the Luna Foundation and began to buy bitcoins. As of the first quarter, it held more than 30,000 bitcoins, and will continue to buy them in the future. The core is to protect the price stability of UST under extreme market conditions DeFiDeFi's total market value fell by 5.4% in the first quarter. In comparison, it increased by 29% in the fourth quarter of last year. Most of the DeFi tracks fell, only the cross-chain bridge With the growth of derivatives, OHM and imitations fell the most. Ethereum's DeFi ecological market share continued to decline, 62% at the beginning of the year, and only 57% at the end of March. At the same time, this is also the performance of the multi-chain DeFi ecological development. Terra ranked second, BSC ranked first Third, Avax fourth, Solana fell the most

Cross-chain bridge

The development of the cross-chain bridge and the reduction of the Ethereum DeFi TVL echo each other. The cross-chain bridge has developed from a point-to-point connection from one ecology to another, to the current multi-ecology to multi-ecological connection Ethereum The TVL of the cross-chain bridge is currently 21.6 billion US dollars and is growing rapidly; the rapid growth is accompanied by security incidents: Ronin was stolen 600 million, Wormhole was stolen 325 million, Meter was stolen 4.3 million, Multichain was stolen 1.9 million Cross-chain bridges The working principle is currently divided into three categories, please see the picture for details

NFT

NFT’s transaction volume increased by 17.9% in the first quarter of this year, the highest in January and lower in February and March; Ethereum It is still the dominant state, with a market share of 85%. Avax has increased by a maximum of 61 times. Ronin has been stolen and has decreased by up to 94.2%. Opensea is still dominant, and a lot of it was eaten by the Looksrare vampire attack in the middle, but the reward was reduced later, and the transaction volume returned to The trend of OpenswaNFT: 1) The recognition of NFTs in traditional industries has increased; 2) BAYC issued coins, and making its own ecology will become many imitation objects; 3) NFTs of game type prefer to engage in their own trading market Exchange Spot trading volume fell by 37.8%, Binance’s share was 46.5%, Huobi’s share was only 4.3%, DEX trading volume fell by 8.5%, UNI was still the first, with a share of 54%, Pancake, Sushi, Trader Jeo’s share all dropped significantly , Serum has risen sharply. In terms of perpetual contract derivatives, the trading volume is dead, and it is 1.2 trillion per month. In terms of market share, OKX is secretly growing, and Binance has decreased by 7% compared with December last year. In terms of open interest, Gate has grown rapidly, Binance has the first share of 32.4%, and Bybit and FTX have declined

source: CoinGecko Q1 industry report: DeFi total market capitalization fell 5.4%, only cross-chain bridges and derivatives grew

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