While some may see reasons for concern others have rejoiced, arguing that the crash is the ecosystem’s way to self-correct itself. According to Messari, a crypto market data firm, 32 out of 34 assets are down in the past seven days, too.
Only SushiSwap (SUSHI) and PowerPool (CVP) have been able to post price gains over the past seven days. Many tokens took a steep decline as well. According to Messari, Curve lost 65% and it was followed by Meta which posted a 58% loss.
Next came Ren with 52% and then AirSwap with 51%. BZx Network and Wrapped Nexus Mutual both came with 49%. Yet, is it really all that bad?
If you are purely focused on the DeFi segment, it may be, but there is another side to this story as well. It has to do with block space and lowering gas costs, which is of course good for gambling operations.
Ethereum and Tron projects are certainly happy to see this happen. Of course, DeFi will start picking up quickly once again, but in the interim, consumers can enjoy slightly lower gas prices and transfer funds without having to worry about costs that would not be there were it not for demand soaring too quickly.
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