Finance Redefined: DeFi market fell off the cliff in Q2, but there’s hope

cointelegraph.com:

Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week.

This past week, the DeFi ecosystem saw several new developments despite a bearish phase brought on by the lending crisis in the crypto market. Another crypto lender, Celsius, with high stakes in DeFi protocols, filed for bankruptcy. The overall DeFi market fell to new lows in the second quarter. However, a new report indicates users haven’t given up hope.

BNB Chain launched a new decentralized application (DApp) platform with an alarm feature. Vermont state regulator opened an investigation into troubled crypto lender Celsius, deeming it deeply insolvent. A DeFi researcher has predicted that Ethereum proof-of-stake (PoS) can help Ether (ETH) overtake Bitcoin (BTC).

The DeFi tokens saw a new flow of bullish momentum over the past couple of days owing to a market-wide green momentum after the inflation data release.

Despite the DeFi market suffering a 74.6% market cap decline in Q2, user activity has remained relatively resilient, says CoinGecko.

In a report published by the crypto data aggregator on Wednesday, CoinGecko reported that the overall DeFi market cap fell from $142 million to $36 million over the second quarter, due mainly to the collapse of Terra and its stablecoin TerraUSD Classic (USTC) in May.

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BNB Chain has launched a new platform, DappBay, to discover new Web3 projects. DappBay is equipped with a novel feature called Red Alarm, which assesses project risk levels in real-time and alerts users of potentially risky DApps, according to a Thursday announcement.

Red Alarm is a contract risk scanning tool offered by DappBay that