Well now, gather ’round, folks! It seems that the grand stage of decentralized finance (DeFi) has taken quite the tumble, plummeting like a cat thrown from a rooftop, down to a measly $156 billion in this first quarter of 2025. Seems like a major crypto exchange got hacked faster than a New England storm, causing folks to clutch their wallets tighter than a miser at a charity auction.
According to the wise folks at DappRadar, this hullabaloo was sparked by “broader economic uncertainty and lingering aftershocks from the Bybit exploit.” Not to mention that Ether (ETH) took a nosedive of 45%, landing at $1,820. Why, that’s about as popular as a porcupine at a balloon party!
Now, our dear old Ethereum, the heavyweight champion of blockchains, took a hit too, falling 37% to $96 billion. Sui, bless its heart, was the hardest hit in the top 10, dropping 44% to a scant $2 billion. It’s getting so bad that I half-expect to see them on a milk carton with a “Missing” sign!
Solana, Tron, and the Arbitrum blockchains weren’t exactly throwing confetti either, suffering over 30% declines. Meanwhile, the blockchains with more withdrawals than a shy guest at a family reunion struggled more, especially those with fewer stablecoins than a duck in a drought.
But wait! In the midst of this disarray, a beacon of hope emerged from the newly launched Berachain, which decided to grow like a weed and snagged $5.17 billion from February 6 to March 31. One can only assume it’s running on miracle grow!
Market fall didn’t stunt AI and social app user growth
Now for the ironic twist! While DeFi seems to be singing the blues, the number of daily unique active wallets (DUAW) messing about with AI protocols and social apps rose like bread dough. AI protocols saw a 29% rise while social apps waddled up by 10%. Meanwhile, our cherished NFT and GameFi protocols are regressing faster than a turtle in a marathon.
The monthly average DUAWs soared to 2.6 million for AI and 2.8 million for social apps, whilst good ol’ DeFi and GameFi found themselves in double-digit dives of despair.
DappRadar proudly proclaimed “explosive growth” in AI agents, insisting they are “no longer a concept.” Well, I’ll be! They’re here, and it seems they’re altering user behavior like a magician with a deck of cards.
Meanwhile, NFT trading volume fell like a stone, down 25% to $1.5 billion, with OKX’s NFT marketplace hoarding the most sales like a squirrel with acorns at $606 million. OpenSea and Blur were not far behind, trading in at $599 million and $565 million, respectively.
Pudgy Penguins waddled away with the most sales in collectibles, fetching $177 million, while the high ogling CryptoPunks earned $63.6 million, making them feel as exclusive as a club for left-handed trumpet players.
“When analyzing top collections, CryptoPunks remains a staple — its prestige remains intact even as price fluctuations make it largely inaccessible for the average user.”
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2025-04-04 03:17