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How will Dapps be affected after the US banking "earthquake"?

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DeFi data is positive, game and NFT little changed, Stablecoin needs rethinking.

原文标题：《美国银行业「震后」，各领域 Dapps 受何影响？》

Original article by Sara Gherghelas, Dappradar

Katie Koo, Odaily Planet

Markets were jolted over the weekend by the prospect of a systemic crisis in the US banking sector.

With the official bankruptcy of Silicon Valley Bank (SVB), one of its clients, Circle, may lose some USDC collateral. USDC Decoupling. The phenomenon is reminiscent. 2022 Crypto black swan events such as Terra Luna The collapse of Three Arrow Capital and the FTX. Eg. As financial regulators take a closer look at SVB In response to the debt and Circle's active operations, the USDC price has now returned to anchor. Eg. Despite this, Still, the volatility is causing widespread panic and uncertainty in the market.

How are stablecoins doing?

Dapp And the crypto industry shocks are highly correlated with macroeconomic events.

American encryption company Circle It is the second largest stablecoin. USDC The company behind it is the recipient. SVB One of the companies most affected by the decline. 3 Month 11 Today, the company revealed its 400 Nearly $100 million in reserves. 8% (i.e. 33 $100 million) after the Silicon Valley Bank, the stablecoin lost its peg to the dollar and hit a record low.

美国银行业「震后」，各领域 Dapps 受何影响？

As a result of USDC Unpegged from the dollar, panic spread throughout the crypto community. Eg. The price fell to... 0.8789 & have spent The low point of the dollar. As of the day's close, Supply involves 19 A net outflow of $100 million from the country overnight. 3 Month 10 Daily 427.4 & have spent $100 million fell to... 3 Month 11 Daily 408.4 & have spent $100 million, down. 4.4% & have spent .

Regulators in the U.S. 3 Month 12 Day of intervention, for receiving SVB Provide support to depositors and financial institutions affected by the bankruptcy. Although the news led to... USDC Re-pegged, but stablecoin supply and market value still fell. 9.1% & have spent . Net outflow of dollar supply was 39.3 & have spent Hundreds of millions of dollars. 3 Month 10 Early day 434.3 & have spent $100 million fell to... 3 Month 13 Sun bottom 395 A hundred million dollars.

Still, Stablecoin TrueUSD (TUSD) and Dai (DAI) experienced significant supply growth during the same period, with net inflows of 57.4% & have spent And 27.4% & have spent . Tether (USDT) and The supply of other stablecoins, such as Frax, has also grown slightly. In absolute terms, Eg. Supply has increased as a result of the biggest gains. 13.5 & have spent $100 million, though it has taken a hit along the way.

美国银行业「震后」，各领域 Dapps 受何影响？

Source: CoinGecko

However, BUSD The supply of BUSD remained relatively unchanged. In 2023 Year 2 The publisher was hit by U.S. regulators last month. Paxos Have been hit by sanctions. BUSD Eg. Supply has fallen slightly. 466 Wan (-0.1% ) .

Fortunately, when U.S. banks opened their doors on Monday, Silicon Valley Bank held. 33 Billions of dollars. USDC Full public access to reserve deposits will help stabilize the market. Eg. All the same, Is a reminder of the potential risks involved in the crypto industry and the importance of risk management.

In USDC DeFi Surge in trading

DeFi Is the most vulnerable to market crashes and periods of uncertainty. Dapp Category. When FTX And Luna When it collapses, the company DeFi Obviously affected. 3 Month 11 Day, in SVB Crash USDC After decoupling, the company DeFi Market. TVL (total lock-up value) decreased significantly from 792.8 & have spent $100 million down. 716.1 & have spent A hundred million dollars, down. 9.6% & have spent . The news caused panic among investors, leading to heavy selling and selling. TVL Go down.

Eg. Fortunately, 13 Silicon Valley Bank of Japan. USDC The news that the reserve was fully open to the public led to the announcement. DeFi TVL Sales have soared. 13% , reach 811.5 & have spent A hundred million dollars. In addition, in 3 Month 8 Sun solstice 3 Month 11 During the day, with DeFi The number of independent active wallets (Uaws) that interact with contracts has grown. 13% , from 421, 026 The number increased to 477, 094 A.

美国银行业「震后」，各领域 Dapps 受何影响？

Over the same period, the number of transactions has also increased. 1, 356, 483 Time increased to 1, 668, 992 For the first time, there has been an increase. 23% .

美国银行业「震后」，各领域 Dapps 受何影响？

Which? DeFi Dapp Is caused by DeFi What causes the spike in the chain? Uniswap V3 is the most popular. DEX For one, the number of its independent active wallets (Uaws) has increased significantly. 3 Month 11 Sunday and Saturday passed. 67, 000 The transaction volume reached 144 $100 million, the highest number ever registered for V3. 67, 000 An independent active wallet is self-contained. 2021 Since the summer of 2005. Uniswap Dapp The highest ever registered on the Internet.

In addition, Uniswap V3's average trading size on Saturday was. 170, 080 Dollar, nearly double the average, which suggests Ethereum. The DeFi whales were very active over the weekend.

美国银行业「震后」，各领域 Dapps 受何影响？

DeFi Aggregator 1inch Network Set a record on Saturday. 34 A hundred million dollars. Dapp Trading volume records, in DeFi Dapp Ranked second in China. 1inch day registration exceeds 24, 000 Independent active wallet, shows its in DeFi The field is very popular.

美国银行业「震后」，各领域 Dapps 受何影响？

此外，MetaMask Swap 是一个内置于领先钱包软件中的热门Token交易平台，在 3 月 11 日也经历了独立活跃钱包和交易量的激增，达到 9.1 万个独立活跃钱包和 1190 万美元交易量，这是我们在 2023 年 1 月初看到的数据，当时关于 MASK Token 的传言正在市场传开来。

美国银行业「震后」，各领域 Dapps 受何影响？

Other; DeFi Dapp, such as Eg. Eg. And GMX And the volume of transactions has soared.

While banks are closed over the weekend, traditional investors will have to wait until Monday. SVB Eg. The message took action, but DeFi 24 hours online. This highlights the need for open systems and transparency.

Blue Chip NFT Still a solid investment in a chaotic market

In 2023 Eg. For most of the year, The industry has been on an upward trajectory, with record sales and mainstream adoption rates on the rise. However, SVB The crash and its pair. USDC The impact is also being felt in the market.

NFT Trading volumes have fallen since the beginning of the month. 51% Sales are down. 15.88% & have spent . Since everything is affected by the "fluctuating stablecoin", Traders were less active and saw a drop in activity on Saturday. 2021 Year 11 Number of traders with lowest monthly participation (12, 000 People), and. 2023 The lowest number of daily transactions in 2010 (33, 112 Times).

美国银行业「震后」，各领域 Dapps 受何影响？

It is worth noting that, although NFT Trader activity was low, but volumes were not affected by the same percentage, most likely because of Ethereum's NFT The whale is still holding out. Blur Second stage airdrop farming.

美国银行业「震后」，各领域 Dapps 受何影响？

although NFT Transaction volume was down overall, but BAYC And CryptoPunks Blue chip NFT Floor prices have barely been affected. 3 Month 11 Daily only slightly lower than 10 Ten thousand dollars. "Recovery" is fast, showing these top. NFT The resilience of

美国银行业「震后」，各领域 Dapps 受何影响？

Other blue chip series, such as BAYC The ecosystem. And Art Blocks It was barely affected. On the other hand, there is a lot of excitement. And PROOF Ecosystems are affected by SVB Was hit hard by the impact of...

美国银行业「震后」，各领域 Dapps 受何影响？

Since news of the Silicon Valley bank collapse broke, Moonbird. The market value of... has dropped. 18% . However, the floor price has recovered to reach. 6207 The US dollar (4 ETH). 3 Month 11 An Ethereum address was sold on Tuesday. 500 D Moonbird NFT, loss in 9% To 33% Between. This address is implemented in bulk sales. 9% To 33% Losses, among which. 200 D Moonbird NFT Eg. Losses exceed 32% . Eg. These transactions all took place at the time. NFT nbsp; Blur Above, the total loss exceeds. 700 ETH.

Notably, Yuga Labs The exposure to Silicon Valley Bank is "very limited", meaning the company's finances will not be badly affected by the crisis.

Crypto games have also proved resilient in times of financial turmoil

The video game industry has been remarkably resilient during the economic downturn, leading many analysts to believe it is recession-proof. The most recent proof was in the case of... 2008 During the economic recession of 2005, when video game sales increased. 12% , while major game studios like Blizzard and Nintendo saw record trading and console sales.

Is the same true for Web3 games? The truth is, it's too early to tell, but unlike others, Dapp By category, the gaming sector saw the least volatility on weekends.

美国银行业「震后」，各领域 Dapps 受何影响？

On-chain gaming activity only dropped over the weekend. 5% , but an increase from the previous week. 10% . Therefore, when DeFi Traders in USDC Web3 players continue to play the game when they are highly active with the possibility of a crash.

At the time of writing, there is no sign of any big games. Dapp Or the gaming ecosystem will be affected by the US banking world. This again proves that Web 3 Games should perform similarly to traditional video games, successfully avoiding severe economic fluctuations.

Which? Dapp Is the ecosystem more affected?

The collapse of Silicon Valley Bank sent ripples through the cryptocurrency community, with several ranges of volatility. Dapp The ecosystem. Circle, Paxos, Coinbase, BlockFi And Avalanche Foundation Have publicly confirmed their exposure positions. Meanwhile, Dapper Labs, Ripple, Yuga Labs, Pantera, Proof Collective, Nova Labs And Techteryx Only shared the information they had been disclosed.

美国银行业「震后」，各领域 Dapps 受何影响？

SVB Eg. One of the most important effects of the collapse was on USDC The impact of stablecoin. Panic has spread through the crypto community, causing panic. USDC The price of... fell to... 0.8789 & have spent The low point of the dollar. USDC The supply is 19 Hundreds of millions of dollars. 10 Daily 427.4 & have spent $100 million fell to... 11 Daily 408.4 & have spent $100 million, down from $100 million. 4.4% & have spent . USDC The decoupling has affected the inclusion of MakerDAO Among several others. Dapp The ecosystem.

MakerDAO It is the fourth largest stablecoin. DAI Is currently worth more than 31 A hundred million dollars. USDC As DAI Pledged by To reduce protocol pairs USDC The influence of MakerDAO Emergency measures were implemented on Tuesday. MakerDAO Have already sent. USDC The debt ceiling on the liquidity pool was cut to 0 This means that liquidity providers will not be able to borrow from these pools. DAI.

The move highlights the risks of backing stablecoins with assets that need to be held in custody by banks. In this case, USDC issuer Circle Says its exposure to Silicon Valley Bank accounts for about half of its total reserves. 8 %, then USDC Decouple over the weekend. USDC nbsp; DAI nbsp; 40% , which makes it vulnerable to such centralization risks.

Maker Will support USDC 4. Uniswap The Treasury's debt limit was lowered. 0 Because "the pledges are subject to potential contingencies". The agreement expands the scope of the deal. Paxos nbsp; USDP Stablecoin support, it will be. USDP The vault's debt limit is from 4.5 & have spent Raised to $100 million. 10 Hundreds of millions of dollars in addition to that. USDP Swap The cost from 0.2% & have spent Decrease to 0% .

According to the proposal, Stablecoin GUSD The proposal says the opposite is true. Gemini Had "significant exposure to uninsured bank deposits, which may be associated with risky institutions". To limit potential damage, Maker . Will nbsp; GUSD Daily mintage limit from 5000 V DAI Decrease to 1000 V DAI.

The proposal plans to change the daily minting limit for stablecoins from 9.5 & have spent Billion is reduced to 2.5 & have spent Billion, limit DAI The likelihood of trading above its pegged rate. In addition, the proposal would USDC Swap Cost from 0% Raised to 1% So that investors will be USDC Convert to DAI The cost is higher. Finally, the proposal advocates a temporary withdrawal from the law. Aave And Compound Withdraw all funds to reduce overall risk.

All in all, the failure of Silicon Valley Bank has affected people including MakerDAO Among several others. Dapp The ecosystem. USDC The decoupling caused consternation throughout the crypto community, highlighting the risks of backing stablecoins with assets that need to be held by banks. MakerDAO The emergency management measures aim to reduce their exposure to USDC And limit potential losses. Although nbsp; SVB The long-term impact of the collapse is still unknown, but it is clear that it has had a significant impact on the cryptocurrency market.

SVB And Signature Bank The collapse of the crypto industry in particular Dapp The ecosystem brings new Revelations - the crypto industry needs to become more "self-sufficient" and proposals to reduce reliance on traditional banking infrastructure must be on the table. Silvergate Crypto payment network. Exchange Network And SigNet Real-time payment networks such as the Web are critical to managing liquidity, facilitating over-the-counter transactions, arbitrage between trading platforms, and stablecoin redemptions outside normal business hours. Without these solutions, the crypto industry must find other ways to manage liquidity and fiat currency inflows.