In a new Glassnode Insights report, the on-chain market intelligence firm says that despite an emerging trend in the industry, DeFi developers continue to build and they are building fast.
“Despite bearish activity on the chain, more innovation than ever is coming to DeFi as development cycles of 3 to 12 months materialize. Every week more and more projects are launched, major updates are pushed and important events that change the ecosystem come closer. “
The report calls the new developments in seven cryptographic protocols as a sign of rapid innovation in the industry. Glassnode highlights the successful product launches by the Cozy Finance decentralized yield farm insurance project, the Volmex Finance volatility index platform and the Ribbon Finance sustainable yield project as proof that the industry is flourishing.
Researchers also highlight product launches of the upcoming Pendle Yield Platform, Rari Capital Lending Protocol, and OlympusDAO Reserve Currency Protocol.
In addition, Glassnode highlights the internal efforts of the Alchemix team to recover from a recent exploit as another sign of the ability of the DeFi ecosystem to be self-sufficient and without intermediaries.
Although the developers in the space continue to innovate, DeFi has seen much less activity amid the crypto market crash.
“The growth of new and existing business in DeFi has taken a hit as many attendees adopt a risk-free mindset amid more than 60% drops to ATH on most governance tokens. While on-line activity no longer increases as a total percentage month-over-month, year-over-year growth remains massive. “
Glassnode notes that despite the crash, the total liquidity stuck in DeFi remained strong, allaying some fears that during a significant bear market liquidity could dry up in space.
The company also notes that “long-term ETH holders appear determined” despite Ethereum withdrawing from more than $ 4,000 to less than $ 2,000.
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Image en vedette : Shutterstock/Tithi Luadthong