📚 This week has been intense in the crypto space, so relax with a cup of coffee and indulge in some weekend reading as we give a recap of the trends 👇
1/ 🔹 @FTX_Official's venture capital arm is one of the big investors in @solana. As news about #FTX’s insolvency issues hit the market, trust in #Solana’s native token, $SOL, dropped fast, impacting the entire #DeFi industry.
2/ 🏆 @cryptopunksnfts retakes the number 1 position as the most valuable NFT collection. @BoredApeYC floor price dropped from 70 ETH to 59.7 ETH within days.
Now, the Second Flippening has happened, but at the moment, there’s no time for celebrations
1/ Despite the @FTX_Official crypto drama, blockchain #dapp activity has increased significantly, pushing the volume per protocol up. #Ethereum went from $7.18 billion on November 7 to $23.47 billion on November 10.
2/ Decentralized applications work as intended. #DeFi#dapps have seen increased activity across all blockchains, from 1.46 million transactions on Nov 7 to more than 2.2 million on Nov 10.
3/ Because of the price action following the #FTX drama, the Total Value Locked in the #DeFi sector has taken a hit. Down from $51.93B to the current $42.33B.