Stablecoins witness strong volatility, Terra empire collapses

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2022-05-17 14:51:26

Hi guys, this is the “On The Road” Series, with the purpose of summarizing the week through Infographic images, to provide market insights in the most intuitive way for you.

Market overview in week 19

Tokens that received the most attention from the market in the past week

Come to the tokens that are most noticed by the market in the first week of May 2022. In addition to the familiar faces at the top like GMT, GST, FTM or CRO. We have the appearance of 2 new names that have just launched and are also the first time appearing on the top search of Coingecko.

First is Step.App’s FITFI, which is also a move-to-earn project, quite similar to STEPN, currently Step.App has nearly 2.6 million registered users.

Besides, Evmos also just opened the token sale. Evmos is a project to bring EVM on Ethereum to the Cosmos ecosystem.

Highlights in DeFi Categories from the past week

Volatility of major stablecoins in the market (UST not updated)

Stablecoins are cryptocurrencies pegged to a stable price asset, most of which is in USD. Stablecoins are a useful asset in the cryptocurrency market, allowing traders to store assets without worrying about price fluctuations.

But there are also some cases, events that cause the value of stablecoins to rise or fall relative to their anchor price. Especially in the case of UST, however, the price of UST in the photo has not been updated in the last few days. UST from Terra has brought to the market a terrifying phenomenon, when suddenly evaporating up to 90% of its value, at the time of writing, the price of UST is at $ 0.195, which is more than 80% down from the previous level. pegs. This crisis will probably be the end for Terra and LUNA. Will there be any method to restore Terra’s very powerful ecosystem?

Looking for more information: UST loses peg: Is it due to the collapse of the “Ponzi” model?

Number of customers of Oracle projects

To evaluate the potential and growth of an Oracle project, the number of customers that Oracle is serving is one of the most important information, to quantify revenue through providing Oracle’s solution. project.

Back to the number of customers in Oracle solution of projects this month. Leading is still Chainlink with an impressive number of more than 1,348 partners, far behind the top projects with more than 170 partners of Berry Data and more than 80 partners of Band Protocol.

Total value locked on Oracle protocols

Oracle is a system that provides real-time data for blockchains and smart contract. Thanks to Oracle, blockchain and smart contracts (on-chain) can interact with external data (off-chain). Oracle provides direct service to DeFi applications and is very useful in DeFi applications.

Below is the total value of assets locked on Oracle protocols.

  • First and foremost is Chainlink. Chainlink is the largest and oldest Oracle, with $28.5B TVL, representing almost 60% of the total value of the entire Oracle market.
  • Besides, we also have other powerful Oracles like MakerDAO, Uniswap’s TWAP, Band Protocol or Flux.
  • Coinecko itself also uses quite a few applications brought by Oracle.

Ondo Finance project overview

Ondo Finance is a DeFi protocol that allows crypto investors to trade risks and returns in a liquidity pool securely through Vaults. Ondo expands forms to support investors to set up a fixed yield position while still reducing risk. Ondo has 2 positions with different APY levels, suitable for more people in the market.

Below is a one-page for Ondo compiled from CHK Insight team.

The blockchain games are most interested in

Leaving aside the recent strong volatility in the market, we will come to the method play-to-earna method of making passive money from playing games is quite interesting.

At the top of the rankings by social signal, we have World of Ether. This is a recently launched PvP game on Ethereum with interesting gameplay and beautiful graphics. At the top are still familiar names like, Pegaxy, Crypto Citizen or Decentraland.

Featured news in ecosystems week 19/2022

One more look at Terra (LUNA)

Can’t help but say that Terra (LUNA) was once a powerful empire in the crypto market in general and DeFi in particular. The projects and partners in Terra’s ecosystem have covered almost every aspect of the market, most especially the lending/borrowing protocol from Anchor Protocol. There was a time when Terra’s TVL was the 2nd largest in the market, just behind ETH.

However, the market over the past week has seen a mighty Terra collapse. UST plunges after losing peg from LUNA. LUNA splits a million times from the top, Anchor’s ANC also instantly loses value.

Is this the end for Terra, is Terra the biggest ponzi project of all time? Things are still not clear, Terra’s team, especially CEO Do Kwon, have also made a lot of positive moves in restoring Terra.

Learn more: 5 lessons “for a lifetime” thanks to the collapse of UST & LUNA


The above is all the remarkable information compiled by CHK Insights team, if there are errors in information synthesis or any problems, I really hope you guys can comment. See you in the next issue of “On The Road”! The series of market summaries for the week would like to end here. Thank you so much for taking the time to read the article.

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