Analyst says DeFi and stablecoins held up well as crypto markets imploded

The decentralized finance (DeFi) sector faced its first real challenge during last week’s market sell-off that saw more than $1 trillion wiped from the global cryptocurrency market cap as traders feverishly ran for the safety of stablecoins amid tumbling prices.

Despite rapidly declining token prices, the nascent DeFi sector held its own as decentralized exchanges experienced a record $11.7 billion in trading volume on May 19. Uniswap (UNI) led with $5.7 billion in volume, followed by SushiSwap (SUSHI) which saw $2.8 billion in 24-hour trading volume.

Daily DEX volume. Source: Dune Analytics
Total value locked in smart contracts vs. . Source: Glassnode
Unique DEX traders. Source: Glassnode
DAI price vs. USDT price vs. USDC price. Source: Glassnode