Crypto traders, how’s your portfolio recently? Have you sniffed out some bearish signs of the crypto market?
By tracking dapp’s on-chain performance, we discover 3 data facts that might prove you a coming bear market. Dex, DeFi and NFT market volume all reached peaks in May and started to drop after the middle of May. So far, there’s no sign of bounce-back.
Let’s show you 2 top dex data on main blockchains - Ethereum and Binance Smart Chain.
Uniswap V3’s dex trading volume reached ATH $2.78B in mid-May (19th May). And then it gradually decreased, no sign of recovering so far. Starting from July, the daily trading volume drops to below $1B.
And the same happened to PancakeSwap, whose 30d dex trading volume -78.47%.
The ATH of PancakeSwap’s dex trading volume also appeared on 19th May. Yet the volume growth and drop were even more dramatic. The volume first rocked to $13.26B, then slid to just $179.54M on 5th Jul.
Actually, almost all the top dex experienced a big slide in June.
Among the top dex by volume in June, you’ll find all of their volumes have dropped except for DODO.
As for DeFi, it shows the same sign of a bear market.
Let’s take Aave Protocol, the top lending protocol on Ethereum, as an example.
As Aave’s on-chain dashboard demonstrates, the borrow volume broke ATH on 26th Apr while the repay volume on 23rd May. Both volumes started to decrease since, and the price of $AAVE has also fallen together. Aave’s 30d borrow volume -38.54%, 30d repay volume -33.61%. $AAVE 30d -12.3%.
8 Out of the top 10 DeFi have all suffered volume losses in June.
Only 2 Polygon DeFi protocols - Polycat Finance and Iron Finance, made it through this June and both sharply increased in volume. We think it is because of the newly launched effect.
What about the NFT marketplaces? Is the same market cool-down phenomenon going on as well?
We can check the No.1 NFT marketplace by volume, BakerySwap’s on-chain performance.
BakerySwap’s NFT trading volume sharply increased to ATH $528.88M on 17th May, then greatly shrank to less than $100M at the end of May and the whole June. The 30d NFT trading volume -39.71%.
In terms of the top NFT market, 9 out of the top 10’s volumes have dropped in June.
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