As the crypto market fell in Q2 2022, tokens of the centralized exchange sector (CEX) were the least affected, losing on average about 30%.
Q2 of this year marked the most bearish one in the history of the cryptocurrency market. All sectors showed a drop in quotations, but tokens of centralized cryptocurrency exchanges (CEX) turned out to be the most resistant to market fluctuations. This was reported by the analytical company Kaiko.
Following the destabilization of stablecoins and the fall in BTC prices, the DeFi sector saw its total value locked (TVL) fall from $240 billion at the beginning of the year to $80 billion by early July (according to DeFiLlama), and 72 largest-cap cryptocurrencies lost over 90% of their maximum value.
Kaiko analysts reported that different sectors of the cryptocurrency market showed varying declines in Q2 2022:
- DeFi tokens (AAVE, CRV, UNI, LDO and CVX) lost about 70% on average;
- DEX tokens (SUSHI, UNI, BNT, CRV and BAL) saw an average drop of 69%;
- layer 2 protocol coins (MATIC, IMX, LRC, OMG and BOBA) are down around 64%;
- layer 1 protocol coins (ADA, AVAX, SOL, BNB and NEAR) lost about 62% of their value on average;
- Ethereum (ETH) is down by 60%;
- Bitcoin (BTC) lost 55% of its value;
- CEX tokens (FTT, OKT, HT and BNB) fell by slightly more than 30% on average.
At the end of 2021, CEX wallets had about 6.2% of the total market supply of BTC, and the overall share of CEX trading in February of this year rose to 96%, as reported by CryptoCompare analysts.
