Steaker Monthly Report (2022/04/11–2022/05/10)

5月 11, 2022

Market Recap:

Even though we saw a strong rebound in crypto markets in late March, the large sell-off forced the price to return to a new and sharp downside over the past month. Markets experienced high volatility and further downside this week, as investors responded to the Fed’s decision to hike rates by 0.5%. What’s worse, TerraUSD (UST) has lost its dollar peg for the second time in three days, falling to as low as around $0.6 on May 9. On the same day, crypto’s plunge continued with BTC and ETH hitting the lowest price of $29,730 and $2,200 since late January 2022. Notably, the overall liquidations in crypto markets hit over $1bn on May 9, consisting of around $800mm from longs. Based on the data from Glass Node, the net realized loss of all moved BTC reached around $2.5bn on May 9, following $2.51bn on the previous large deleveraging event on January 21.

Last month, BTC prices traded between a monthly low of $29,730 and a new local high of $42,976, while ETH prices traded between a monthly low of $2,200 and a new local high of $3,213.

According to CoinGecko, the top 100 DeFi tokens’ market cap significantly declined from $130.66bn on March 10 to $78.30bn at the time of writing, down 40.07% MoM. The DeFi dominance in the crypto space currently sits at 5.1%, a net decrease of 1.2 ppts from the previous month.

According to DeFi Llama, the total value locked (TVL) also surged from $221.45bn to the current level of $161.52bn, dropping 27.06% MoM. Around 7.16mm ETH and 177.4k BTC are locked in DeFi respectively, at the time of writing, citing data from DeFi Pulse.

Citing the data on CoinGecko, the NFT tokens and GameFi tokens market cap dipped by 39.57% MoM and 40.94% MoM to $23.31bn and $11.81bn, respectively.

Top 100 Coins Price Index:

Top 3 price gainers: TRX (+26.46%), XDC (+2.51%), USDP (+0.60%)

Top 3 price losers: LUNA (-83.21%), FTM (-56.14%), KLAY (-52.07%)

Benchmark: BTC (-25.42%)

DeFi Tokens Price Index:

Top 3 price gainers: NEST (+27.00%), AMPL (+5.72%), DAO (+4.51%)

Top 3 price losers: LUNA (-83.21%), ACA (-58.86%), PERP (-58.67%)

Benchmark: Top 100 DeFi Tokens’ Market Cap (-40.07%)

NFT Tokens Price Index:

Top 3 price gainers: GXT (+20.90%), LBL (+16.65%), NIF (+14.01%)

Top 3 price losers: DFA (-71.27%), ALI (-65.02%), YGG (-63.48%)

Benchmark: NFT Tokens’ Market Cap (-39.57%)

Metaverse/GameFi Tokens Price Index:

Top 3 price gainers: MOOV (-4.45%), GHST (-11.14%), STARS (-12.17%)

Top 3 price losers: ELMON (-75.09%), EPIK (-67.64%), HEC (-67.30%)

Benchmark: GameFi Tokens’ Market Cap (-40.94%)

Top Industry News

  1. Terra Blockchain Backer to Lend Bitcoin After UST Losing Dollar Link
  2. El Salvador Acquires 500 Additional Bitcoin Amid Market Drop
  3. Curve Finance (CRV) integrates with Near’s Aurora Network
  4. Tron DAO buys US$39 million worth of TRX as reserves for its USDD stablecoin whose circulating supply has exceeded US$200 million
  5. Central African Republic becomes second country to adopt bitcoin as legal tender
  6. Twitter to test out Stripe’s newly added support for USDC payments
  7. Binance is backing Elon Musk’s Twitter bid, boosting crypto believers’ vision of a ‘decentralized’ web
  8. BAYC Team Raises $285M With Otherside NFTs, Clogs Ethereum