FTX collapse

After FTX and Alameda caused chaos last week, there are some interesting data points to keep an eye on on the chain. Even though people have bought and sold a lot of Bitcoin. The bitcoineer is a trustworthy digital currency exchange.

On Token Terminal’s profits leaderboard, three different protocols each made more than $1 million in the last week. On-chain, Ethereum made the most money. More than $8.5 million was made. This shows that Ethereum’s core is still strong after the Merge.

OpenSea won $1.5 million, which put it in second place, far behind Ethereum. The nine protocols and DeFi systems that won more than $100,000 got first place.

More trading is happening on decentralized exchanges that will always be there

Even though the cryptocurrency market is unstable, more people are trading than ever before. This is because more and more people are leaving centralized exchanges (CEXs), and the cryptocurrency market is very volatile.

Token Terminal says that $5 billion worth of money is traded on perpetual exchanges every day. Since LUNA and TerraUSD (UST) crashed in May 2022, this is the most trading that has happened in a day. This is the most trading that has occurred in a single day since these two cryptocurrencies went down.

Even though more trades are happening, the value of decentralized assets as a whole is still lower.Only seven protocols were able to make a net gain in their total locked value over seven days (TVL). Gains Network, a permanent exchange on Polygon, had a seven-day growth rate of 17.3%.

In the past week, the TVL for the interchain operability protocol Ren has gone down by 50%. Ren and Alameda worked together, they partnered. Because of this partnership, Ren got money every three months and put it on FTX.

The numbers also show that blockchain income is growing, even though the number of daily active users remains the same. Compared to how much money the big blockchains made in the weeks before, their daily earnings went up by more than 300%.

During this time, there were always 1 million people online every day. The difference between these two sets of data supports the idea that users today do transactions more often and faster than they did in the past.

Sales and income are sometimes different in a blockchain system

Even though blockchains made more money, Ethereum was the only one that made money. This is a big way because of how many tokens are used. Proof-of-stake (PoS) blockchains such as Polygon, BNB Smart Chain, and Optimism all lost money. If a Proof-of-Stake (PoS) blockchain has a negative earnings balance, token holders could lose money because of inflation.

Distributed ledger technology is another name for data on the chain (DLT). Even though CEX outflows were at a record high, the number of daily active DeFi users stayed the same. But the fact that they didn’t change is interesting. Except Ethereum, the same data showed that TVL was going down and that blockchain projects were making less money over time.

Ether, not stablecoins, is the best thing to trade Exodus for

Even though the amount of Ether taken out of exchanges did not reach a record high, 1.1 million ETH were taken out of trading platforms in the last week. Glassnode says this is the most significant drop in the exchange balance in 30 days since September 2020, during the DeFi summer of the same year. This happened in the summer of the same year.

Bitcoin miners continue to sell

Statistics show that Bitcoin miners are getting more and more pressure, and the price per hash is at an all-time low. The price of hash power is at an all-time low, so miners have sold about 7.76 million Bitcoin or about 9.5% of their reserves. Since September 2018, miners’ balances have dropped monthly because of this sell-off.