On Monday, a heavy crypto market sell-off caused significant ripples for projects and entities. For decentralized finance (DeFi), lending protocol Aave (AAVE), usage has dropped across nearly all stablecoin loans. Most notably, loans for Binance USD (BUSD) are currently only 30% from a peak of 80% in May.
The utilization rate is the ratio between the borrowed money and the margin. Since borrowers are required to post digital collateral before borrowing on Aave, users are likely to make mass withdrawals due to Monda selling off to prevent liquidation. Data from DeFiLlama indicates that the total value of Aave locked down has dropped from $33.51 billion last October to $8.11 billion.
According to CryptoRank Platform, TVL in overall DeFi protocols has dropped 55% since the end of April, partly due to capital outflows and the decline in the value of digital assets. Currently, $115.7 billion worth of funds remains, with $72 billion sitting on the Ethereum (ETH) blockchain. It represents a fraction of the $303.9 billion in TVL peaks witnessed in November 2021.
As reported by CoinCu, the exchange Crypto.com has announced that it has laid off 260 employees, or 5% of the company’s workforce. BlockFi also announced that it will lay off 20% of its 850 employees. Similarly, cryptocurrency exchange Coinbase has decided to extend the hiring freeze and cancel the job offer for hundreds of new employees.
Other major crypto companies are reportedly cutting 10% of their staff amid the ongoing bear market. This is considered a prime example of the “crypto winter” that is covering the market.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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Harold
CoinCu News
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DeFi
Crypto Crash Devastates DeFi Protocols, CEX
On Monday, a heavy crypto market sell-off caused significant ripples for projects and entities. For decentralized finance (DeFi), lending protocol Aave (AAVE), usage has dropped across nearly all stablecoin loans. Most notably, loans for Binance USD (BUSD) are currently only 30% from a peak of 80% in May.
The utilization rate is the ratio between the borrowed money and the margin. Since borrowers are required to post digital collateral before borrowing on Aave, users are likely to make mass withdrawals due to Monda selling off to prevent liquidation. Data from DeFiLlama indicates that the total value of Aave locked down has dropped from $33.51 billion last October to $8.11 billion.
According to CryptoRank Platform, TVL in overall DeFi protocols has dropped 55% since the end of April, partly due to capital outflows and the decline in the value of digital assets. Currently, $115.7 billion worth of funds remains, with $72 billion sitting on the Ethereum (ETH) blockchain. It represents a fraction of the $303.9 billion in TVL peaks witnessed in November 2021.
As reported by CoinCu, the exchange Crypto.com has announced that it has laid off 260 employees, or 5% of the company’s workforce. BlockFi also announced that it will lay off 20% of its 850 employees. Similarly, cryptocurrency exchange Coinbase has decided to extend the hiring freeze and cancel the job offer for hundreds of new employees.
Other major crypto companies are reportedly cutting 10% of their staff amid the ongoing bear market. This is considered a prime example of the “crypto winter” that is covering the market.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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