7 Crypto Assets with the Biggest Declines in 2022

Throughout 2022 the decline in crypto prices continued to occur, due to various unexpected events hitting the industry, causing a prolonged crypto winter . Most of the crypto assets have lost considerable value.

Here are seven crypto assets that have experienced the most decline in 2022 according to Coincondex data , what do you want to know? Read more below.

Terra Classic (LUNC)

Terra Classic (LUNC) is the native cryptocurrency of the old Terra network, which was launched in 2018 and used to be known as LUNA, before changing its name to LUNC. 

LUNC has fallen almost 100% in 2022, this is due to extreme market pressure in May 2022 and the stablecoin platform ($USTC) can no longer maintain its dollar-pegged value, finally trillions of LUNA token values ​​fall and hyperinflation, so the token value original LUNA down 99%.

TerraClassicUSD (USTC)

Still related to Luna Classic, the old Terra network also maintains its stablecoin, which now operates under the name TerraClassicUSD (USTC). USTC relies on the supply of LUNC to establish and maintain its US Dollar valuation.

LUNC is printed when USTC rises above $1 and drops when it dips below its peg. The algorithm determines whether LUNC should be burned or minted, depending on the USTC price, these are called algorithmic stablecoins.

TerraClassicUSD (USTC) relies on a mint and burn mechanism to maintain its valuation. After Terra's crash in May 2022, USTC lost nearly 100 percent of its valuation. Finally USTC entered the second list of crypto assets with a decrease of 97.04% in 2022.

FTX Token (FTT)

FTT is the native token of the FTX crypto exchange which was launched on May 8, 2019. Meanwhile, FTX is known for introducing leveraged tokens to the crypto market. 

Initially, FTT was established as a reward for transactions on the exchange, but over time its function has grown. Such as users can receive VIP discounts in the form of FTT, earn rewards, chance to win NFTs, participate in airdrops and more.

But unfortunately last November, the value of FTT dropped dramatically because the FTX exchange went bankrupt, so the token experienced great selling pressure and finally fell by 97.81% in 2022.

Ethereum PoW (ETHW)

Ethereum PoW (ETHW) is a hard fork of the original Ethereum (ETH) chain , which still uses the Proof of Work (PoW) mechanism in its consensus algorithm.

Instead of relying on the validators of the ETH supply network, Ethereum PoW relies on crypto miners for the production of new blocks and the validity of transactions. 

But unfortunately, last September, after the ethereum merge , the mechanism changed to Proof of Stakes (PoS). ETHW then suffered a massive drop just days after the merge launched. In 2022 the value has fallen by 97.62%.

Moonbeam (GLMR)

Moonbeam (GLMR) is a smart contract platform for cross-chain applications that brings together functionality from Ethereum, Polkadot, and others. What this means is that developers can create their own decentralized applications, or dApps, on Moonbeam, which are compatible with Ethereum.

GLMR itself is the original token of the Moonbeam ecosystem. Users need GLMR to pay fees for conducting transactions over the network as well as for implementing smart contracts. 

But unfortunately, not everyone agrees with the development of the features provided by Moonbeam, even though it has implemented several network or protocol improvements. Finally, GLMR has decreased in 2022 by 97.54%.

WEMIX Token (WEMIX)

Wemix is ​​a platform for game dApps that provides wallets and a marketplace for users for digital assets (fungible tokens, non-fungible tokens).

Wimex also serves to maintain the blockchain game ecosystem. Meanwhile, Wemix Token is the original coin from the blockchain platform of the game company Wemix itself, which is used as a medium of exchange and payment method for gas fees. 

However, it turns out that the number of circulations of WEMIX exceeds what Wemix had disclosed, so that the publishers were disappointed and the crypto exchanges in South Korea have removed the Wemix token.

While South Korea is one of the largest gaming markets and blockchain adopters in the world, the country has banned play-to-earn blockchain games . Finally Wemix Token has decreased in value by 96.65% in 2022.

GALA (GALA)

GALA is a utility token of the Gala Games platform that allows its users to create various games running on blockchain technology. The team behind the project is focused on creating a platform that offers its users interesting games.

Gala Games are working to improve the quality of the games they offer. They have created an ecosystem consisting of games that players control and own. 

But unfortunately, the value of the token has fallen by 96.44% in 2022. One of the factors that influenced it was due to the multi-billion dollar hack last November.

Those are the various crypto assets that experienced the most significant decline throughout 2022.

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