A report by Messari researcher Roberto Talamas examines the performance of major cryptocurrencies in the “ecosystem wars”. From Ethereum, Cosmos, Solana, and Binance Smart Chain, DeFi appears to be moving from a “trend” to a relevant sector for any platform taking a $ 55.29 billion stake in Total Value Locked (TVL) for these protocols would like to.
The Polkadot and Cosmos assets were among the worst of the week, according to Talamas. With DOT falling 27.2% on the 7-day chart and ATOM falling 30% over the same period. Cosmos, Assets posted losses of 4% to 27%, similar to Polkadot, with 14% to 30% losses on KSM, POLY, AKRO and other major tokens.
Solana (SOL) was somewhere in the middle, as Talamas said. From April 15thth until April 18ththSOL saw bullish prices, gaining 29%. At the time of writing, SOL is moving sideways on the 1-hour chart, declining 8.1% the day after general market sentiment, but still 25.2% in a week.
Solana’s ecosystem followed a different course in a downtrend with AUDIO, RAY, HXRO and others after the crypto market collapsed last weekend. AUDIO and KIN have losses of 26% and 28% and the worst performing in this ecosystem.
Binance Smart Chain’s assets showed similar action to PancakeSwap’s native token, CAKE, with a gain of 11.3% at the time of writing and 129% on the 30-day chart. As reported by NewsBTC, CAKE has started a migration process and could experience further buying pressure from its updated burning mechanism.
In terms of activities in the chain, Binance CEO Changpeng Zhao reported 9 million transactions on yesterday’s trading day. This metric has increased significantly since February 2021. Zhao took the opportunity to contact the Ethereum developers.
If you only want to target 10% of users, rely on E ..
If you want 9x more users then #buidl on #BSC.
No financial advice. https://t.co/bzyMGlG5WT
– CZ 🔶 Binance (@cz_binance) April 23, 2021
Alpha Finance (Alpha) and Cream (CREAM), the researcher noted, underperformed, with losses of 36.7% and 46.9%, respectively. As shown below, XVS and BNB represent the contracts in the BSC ecosystem with a loss of 26% and a gain of 3%, respectively.
Ethereum, still the undisputed king
Ethereum’s assets in DeFi are also performing poorly. With large assets like UNI, YFI, SNX, SUSHI with up to 28% loss. Only MakerDAO (MKR) was able to stop the bears and achieve a return of 58% over the same period. That maker tops DeFi, closely followed by Compound, with a TVL of $ 9.03 billion.
Additional data from Messari suggests a surge in the credit sector in the first quarter of 2021. The Aave, Compound and MakerDAO loan protocols dominated the sector, which hit an all-time high of $ 25 billion. However, Compound processes the majority of the outstanding loans with a market share of 53%.
Ethereum hit an all-time high before the crash as the trading volume for the spot and derivatives market was hot. At the time of writing, ETH is trading at $ 2,377.42 with 5.2% losses on the 24-hour chart and 42% gains on the 30-day chart. The volatility could still play an important role in the price development in the coming days.