DeFi sector coped with volatility on Sept. 7
Decentralized Finance (DeFi) is getting better at resisting market volatility. Coinbase developer Elias Simos used Dune Analytics data to show the state of the sector in light of the Sept. 7 crash.
With the start of the collapse, the price of gas on the Ethereum network showed a brief spike to 1,000 Gwei. A few hours later, there was a five-minute spike to 7,000 Gwei, after which the situation stabilized.
Network activity intensified amid a doubling in the number of users making transactions compared to their average value for the day before these events. On DEX, trading volumes jumped to more than $2 billion in the first four hours after the dump.
ETH prices on decentralized exchanges remained generally stable except for a few bright spikes, according to the specialist's observations.
Stablecoins have lost their 1:1 peg and, as of this writing, have been unable to regain it. At the same time, Elias noted that DeFi's "immune system" response was better compared to similar episodes a year earlier. DAI and USDC showed the greatest resilience.
Recall that in August, the average cost of a commission on the network rose to the May marks, approaching $40. The London hardfork and the EIP-1559 update, designed to reduce gas price volatility, have not alleviated the scaling problem and resulting high transaction costs.