Maker, DAI stablecoin protocol, leads the market in bloody Terra USD week

The cryptocurrency market closed another week in the red. And this time, he did it in a way that could be classified as dramatic, taking into account how the debacle of Luna Foundation, with Terra USD and LUNA, dragged the rest of the coins into the abyss.

Even bitcoin repeated the weekly close in the red for the seventh week in a row. Something unprecedented in the history of cryptocurrency to date. And the outlook throughout the market was certainly bleak, with just 3 renowned coins in green numbers. And only one of them with a high percentage increase in the last 7 days.

That featured currency is MKR, the governance token of the decentralized finance protocol (DeFi) MakerDAO. Being the protocol where the DAI stablecoin is issued, which Terra USD was supposed to displace according to the words of the creator of the latter, the market message seems clear.

The other two coins in the green for this weekly newsletter are ZCASH (ZEC), one of the most important with a focus on privacy; and the token MANA from the virtual lands project Decrentraland.

To close this weekly top, we selected the two coins with the lowest drop percentages of the week: the token FTT from the FTX derivatives exchange and Polkadot (DOT), although with a depreciation of more than 8%.

During this week that ended, bitcoin fell more than 9%, despite a slight rebound in the last hours of this weekend. Even with worse returns, we find other of the 10 cryptocurrencies with the largest market capitalization, all above the 10% drop: ether (ETH), Cardano (ADA), Solana (SOL) and Ripple’s XRP.

Maker dominates the DeFi market after the Terra debacle

Less than two months ago, the creator of Terra USD, Do Kwon, declared with fanfare via Twitter that DAI, the stablecoin multicolateral that is issued in the MakerDAO protocol, i would die “by his hands«. In summary: that Terra USD was coming to end the DAI market.

That is why it is not surprising that one of the market’s responses to the Terra USD debacle and the Luna Foundation project in general has been to give MakerDAO a boost. The blocked capital in MakerDAO rose during the week and it is approaching a 10% equivalence of the entire DeFi market, according to data from DeFi Calls.

In the last 7 days, MKR had a rise of 38.75% at the cut of this report. Its price is $ 1,553, making it the fourth currency with the highest individual value on the market and the 42nd in terms of total capitalization. Right now, it accumulates more than 1,500 million dollars of capital and moves a volume more than 190 million in a 24-hour range.

Edward Snowden: One of the creators of Zcash?

The second most winning coin within the bloody cycle of the last 7 days was Zcash (ZEC). The privacy-focused coin rose just over 4% after the famous former CIA worker, Edward Sowden, declared himself as one of the creators of ZEC.

According to Forbes, Snowden ensure having been one of the six people who participated in the creation of the coin in the year 2016. The market reaction was neither very immediate nor too strong, but being one of the few in green in the cut of this newsletter, it seems that Snowden’s fame would have given Zcash’s reputation a boost.

With the recent push, Zcash has a price close to $ 109 per unit, accumulates a capitalization of more than $ 1.5 billion and ranks 41st in the market.

Decentraland, the latest winner of this top cryptocurrency

The third and last survivor of the debacle is MANA. Decentraland’s native token rose a modest 1.17% in 7 days, at the end of this crypto news newsletter. With its price at $ 1.22 per unit, the currency is still in very negative numbers this year: more than 60% down this 2022.

MANA is ranked 33rd in the market, with a total capitalization exceeding $2.2 billion and with trade volumes on the exchanges of more than 640 million in the last 24 hours.

FTX Token, the least loser in recent days

FTT, token of the FTX derivatives exchange, is one of the least affected coins with red in the week: in a market in which the main currencies fell between 9% and more than 20% in 7 days (leaving aside the total collapse of Terra and its tokens), the -1.81% FTT seems irrelevant.

It is curious that the FTX token is among the survivors of this devastating week for thousands of investors from the world of cryptocurrencies. Especially, taking into account that the CEO and founder of the exchange, Sam Bankman-Fried (SBF), defended the disgraced founder of Terra, Do Kwon.

Through Twitter, SBF came to Kwon’s defense against accusations that what happened with Terra was due to a scam. However, he stressed that the project model proved to have been “bad and ended very badly”.

The price of the FTX token at the cut of this article is about 31 dollars, with a total capitalization of over $4.3 billion. FTT is the currency number 22 of the market with that amount of capital, while mobilizing only about 65 million dollars on the exchanges in a 24-hour range.

Polkadot also does not survive the slaughter of the market

With a -8.32% in the last 7 days, it seems impossible that Polkadot (DOT) is part of the top with the best yields. But it is, which speaks to how the rest of the cryptocurrencies had a very strong collapse in the week.

DOT closed at the cut with a price of $11. More than 50% below its opening price this year. And not to mention how it is compared to its all-time high, set at about 53 dollars last November. From that mark, DOT is down more than 70% to date.

Its market capitalization (Polkadot is the 11th in the ecosystem with the most invested capital) exceeds $10 billion and in the last 24 hours it has had a trading volume on the exchanges of more than 1,000 million.