CoinGecko 2022 Q1 Digital Currency Industry Report: The total market value remains at $1.9 trillion
Original title: "2022Q1 Digital Currency Industry Quarterly Report"
Original source: CoinGecko
Compilation of the original text: Wayne, one-sided Crypto
Today I would like to share the Chinese version of CoinGecko’s Q1 quarterly report. The report is relatively long. Here are some highlights for those who don’t want to read the full text. Friends who want to know the full text can go to the TokenInsight official website later, or download the app to download the full text app for free.
The translation and publication of this report is authorized by CoinGecko, and we are also the only authorized by CoinGecko in Chinese.
market Overview
The total market size went round and round and returned to the beginning of the year, and the market value remained at 1.9 trillion US dollars
FTM OKB UNI fell out of the top 30, FTT ETC WAVES squeezed in, and the market Q1 trading volume did not fluctuate
The average decline of the top five currencies was 9%, only BTC and XRP finally returned to the water, and the others were all underwater, and SOL fell the most
LUNA reached a new high, 121% in 21Q4, and another 24% in 22Q1
Move-to-Earn takes off
Stablecoin Q1 increased by 23 billion US dollars, the market structure has not changed, but UST growth rate is the first, 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
Big events in the first quarter
Bitcoin analysis
The price of Bitcoin rose 1.6% in the first quarter, jumping back and forth between $36,000 and $45,000
Bitcoin computing power reached a record high in March of the first quarter, reaching 248m TH/s
Compared with major commodities, Bitcoin did not perform well, and crude oil performed the 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
Bitcoin's market cap has surpassed Facebook's (Meta), now holds 7% of gold
GBTC has been trading at a discount, with an average of 20% and a minimum discount of 30%. In contrast, BITO has basically no discount
Ethereum Analysis
The price continued to decline, falling by 11% in the first quarter; the test network Klin was successfully merged, preparing for The Merge
The enthusiasm for staking is high, and the amount of pledged ETH increased by 25% in the first quarter. Currently, almost 10% of Ethereum is pledged. Kraken and Lido are the 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 halving (50%)
(Wayne nonsense: Bitcoin halved and increased six times, from more than 10,000 to more than 60,000, Ethereum should be 10.8 times according to the ratio, don’t be too greedy, count ten times, that is 30,000 Ethereum)
Rise of UST
UST’s market value increased by 61% in the first quarter of this year, and it continues to be the number one decentralized Stablecoin. In contrast, DAI only increased by 3% in the first quarter
The stablecoin FRAX with the same algorithm also rose by 49%, and the Terra ecology also benefited
The Luna Foundation started to buy bitcoins, and as of the first quarter held more than 30,000 bitcoins, and will continue to buy in the future. The core is to protect the price stability of UST under extreme market conditions
DeFi
The total market value of DeFi fell by 5.4% in the first quarter, compared with an increase of 29% in the fourth quarter of last year
Most of the DeFi tracks fell, only cross-chain bridges and derivatives grew, and OHM and imitation disks fell the most
Cross-chain bridge
Cross-chain bridge
The development of cross-chain bridges and the reduction of Ethereum DeFi TVL echo each other
The cross-chain bridge has developed from a point-to-point connection from one ecology to another ecology to the current multi-ecology to multi-ecology connection
The TVL of the Ethereum cross-chain bridge is currently 21.6 billion US dollars, growing rapidly; the rapid growth is accompanied by security incidents: Ronin was stolen 600 million US dollars, Wormhole was stolen 325 million US dollars, Meter was stolen 4.3 million US dollars, and Multichain was stolen $1.9 million
The working principle of the cross-chain bridge is currently divided into three categories, please refer to the figure for details
NFT
The transaction volume of NFT in the first quarter of this year increased by 17.9%, the highest in January, and decreased in February and March; Ethereum is still dominant, with a market share of 85%, Avax has the largest increase of 61 times, and Ronin has decreased by up to 94.2% due to theft
OpenSea is still dominant, and was eaten up by the LooksRare vampire attack in the middle, but the rewards were reduced later, and the transaction volume returned to OpenSea
Trends in NFTs:
1) Increased recognition of NFT in traditional industries;
2) BAYC will issue coins and make its own ecology will become the target of many imitators;
trading platform
trading platform
The spot trading volume dropped by 37.8%, Binance's share was 46.5%, and Huobi's share was only 4.3%.
DEX trading volume dropped by 8.5%, UNI was still the first with a share of 54%, Pancake, Sushi, and Trader Jeo all dropped sharply, and Serum rose sharply
In terms of perpetual contract derivatives, the trading volume is dead, at $1.2 trillion per month. In terms of market share, OKX is secretly growing, and Binance is down 7% compared to December last year
In terms of open interest, Gate grew rapidly, Binance ranked first with a share of 32.4%, Bybit and FTX declined
Original linkhttps://tokeninsight.com/zh/report/2929
