Among the successful projects of March, the token stood out DEX Trader Joe (JOE) based on Avalanche. The trading volume of the platform has grown significantly due to the past integration of the new liquidity provision model. In addition, back in December 2022, DEX added support for Arbitrum even after listing DAO received a significant amount of ARB. Other gainers of the month include Swipe (SXP) and Conflux (CFX). The first announced a rebrand to Solar, and the second expanded its expansion in the Asian region with new partnerships.
Losers of the month became Terra Luna Classic (LUNC) — against the backdrop of the detention of the founder of Terraform Labs, Do Kwon, as well as Maker (MKR) and Fetch.ai (FET).
In March, the market capitalization of stablecoins sank to $131 billion, this time due to the impact of the banking crisis in the United States.
On March 11, the second-largest stablecoin, USD Coin (USDC), lost parity with the US dollar due to the problems of Silicon Valley Bank (SVB), which was closed amid a bank run. The Circle issuer kept $3.3 billion in the bank, which turned out to be blocked. The company immediately announced its intention to use corporate reserves and external capital to cover the “hole”, but this did not stop investors.
Since USDC is actively used in the DeFi segment and as collateral for other assets, a cascade effect has occurred – the decentralized stablecoins DAI and FRAX have also lost their peg to the dollar. However, the situation was resolved in favor of SVB clients – the US authorities announced a sanation, and USDC returned to the target threshold of $1.
Despite the solution to the problem, USDC capitalization continued to decline and decreased by $9.1 billion by the end of March. Investors again turned their attention to Tether (USDT), whose capitalization, on the contrary, increased by $8.7 billion.
In March, the supply of True USD (TUSD), which received strong support from Binance, doubled from $1 billion to $2 billion. As the exchange is phasing out Binance USD (BUSD), it converted stablecoins in the SAFU fund on TUSD and USDT. In addition, commission-free trading on Binance now only works with BTC/TUSD.
The NFT marketplace Blur has cemented its status as the leading platform in the segment, leaving the once-leading OpenSea behind. During March, daily volumes were three times higher on average.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Among the successful projects of March, the token stood out DEX Trader Joe (JOE) based on Avalanche. The trading volume of the platform has grown significantly due to the past integration of the new liquidity provision model. In addition, back in December 2022, DEX added support for Arbitrum even after listing DAO received a significant amount of ARB. Other gainers of the month include Swipe (SXP) and Conflux (CFX). The first announced a rebrand to Solar, and the second expanded its expansion in the Asian region with new partnerships.
Losers of the month became Terra Luna Classic (LUNC) — against the backdrop of the detention of the founder of Terraform Labs, Do Kwon, as well as Maker (MKR) and Fetch.ai (FET).
In March, the market capitalization of stablecoins sank to $131 billion, this time due to the impact of the banking crisis in the United States.
On March 11, the second-largest stablecoin, USD Coin (USDC), lost parity with the US dollar due to the problems of Silicon Valley Bank (SVB), which was closed amid a bank run. The Circle issuer kept $3.3 billion in the bank, which turned out to be blocked. The company immediately announced its intention to use corporate reserves and external capital to cover the “hole”, but this did not stop investors.
Since USDC is actively used in the DeFi segment and as collateral for other assets, a cascade effect has occurred – the decentralized stablecoins DAI and FRAX have also lost their peg to the dollar. However, the situation was resolved in favor of SVB clients – the US authorities announced a sanation, and USDC returned to the target threshold of $1.
Despite the solution to the problem, USDC capitalization continued to decline and decreased by $9.1 billion by the end of March. Investors again turned their attention to Tether (USDT), whose capitalization, on the contrary, increased by $8.7 billion.
In March, the supply of True USD (TUSD), which received strong support from Binance, doubled from $1 billion to $2 billion. As the exchange is phasing out Binance USD (BUSD), it converted stablecoins in the SAFU fund on TUSD and USDT. In addition, commission-free trading on Binance now only works with BTC/TUSD.
The NFT marketplace Blur has cemented its status as the leading platform in the segment, leaving the once-leading OpenSea behind. During March, daily volumes were three times higher on average.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
