The weakness of the market has not stopped its competitors from growing interest in stablecoins, Ethereum staking and DeFi protocols. Such results are contained in the CoinGecko report for the first quarter of 2022.

In the January-March period, only Terra (+24.1%) stood out in the top 10 in terms of capitalization of cryptocurrencies. Among the top five assets, Bitcoin (+1.6%) and Ripple (+3.5%) showed positive dynamics. Ethereum, Binance Coin and Solana lost 8.2%, 13.5% and 29.1% respectively.

Total trade turnover of the ten largest countries for the specified period CEX and DEX reached $3.79 trillion, compared to $6.08 trillion in the previous quarter.

The decline in risk appetite was reflected in the increase in capitalization of “stable coins” ranging from 3.1% to 61.4%. The growth leader was UST from the Terra project. Market leader USDT (+4.5%) continued to reduce its market share as USDC (+23.5%) and BUSD (+20.8%) positions strengthened.

The number of coins involved in staking Ethereum increased from 8.85 million to 11.03 million. The growth rate increased from 13% to 24.6% in the October-December period.

As a reason, analysts cited the release of the Furnace testnet, which brings the transition to the Proof-of-Stake algorithm even closer. CoinGecko noted that after the merger of the two networks, the daily ETH emission could be reduced from 12,000 ETH to 1,280 ETH.

The volume of blocked funds in the DeFi sector fell from $206 billion to $177 billion, while Ethereum’s share fell from 61% to 54%. Terra (from 6% to 10%), Phantom (down to 4%) and a number of other projects have managed to strengthen their positions outside of Binance Smart Chain and Solana.

recall for February-March TVL The Terra ecosystem has more than doubled to reach approximately $29 billion.

Learn about other trends in our monthly analytics report.