Its a meltdown…the activity on token bridges has hit a lower resistance over the first half of the month. Particurly hit are bridges within the TerraLuna ecosystem, such as Harmony or Avalanche, that are down 50% in transaction volumes over the last 7 days. Downstream, Mirror protocol is most likely to become the next casualty of the failed peg-system, after the demise of Anchor. Activity on DEX has returned to previous levels, following record breaking activity due to the de-peg of UST. This comes in the context of public names having lost 50% of their market value this month alone, and some SPACs lagging behind in price response.


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