(MENAFN-News Direct)
Kaunas, Lithuania | 04 Aug 2022 12:00 EDT
DappRadar, the global app store for decentralized applications, today released its July Blockchain Industry Report, revealing that DeFi is starting to recover from the Terra collapse.
Total Unique Active Wallets (UAW) may be down, but DeFi Total Locked Value (TVL) has improved by 22% from June, with some of the top 10 DeFi blockchains Thanks to strong growth, it reached $82.3 billion on July 31st.
This is up 22% from the end-June TVL of $67.3 billion, but well below the December 2, 2021 all-time high of $253.9 billion.
The report also found that the total number of unique active wallets (UAW) connected to DeFi dapps fell below half a million, down 22% from the previous month and down 31% from the same period a year ago, reaching a low point. is also made clear. From March 21st.
The DeFi decline is emblematic of the industry as a whole, with a total of 1.68 million UAWs connected to dapps at the end of July, down 4% from the previous month. However, optimists will note that this is 20% more than the total number of UAWs connected to his dapps in July 2021. This is mainly due to the popularity of blockchain games.
There are other reasons to be optimistic. A DappRadar report highlights that his TVL on Ethereum has increased from his $46 billion at the end of June to $57.9 billion by July 31st. Other major blockchains have also seen him rise in TVL. Binance Smartchain’s TVL rose from $5.97 billion at the beginning of the month to $6.8 billion on July 31, while Tron’s TVL rose from $3.95 billion to $5.9 billion over the same period. . Other popular DeFi blockchains stood out for a variety of reasons. Notably, Flow increased his UAW per day by more than 200% that month with the release of the permissionless smart contract deploy feature that allows users to deploy smart contracts on the mainnet. To do.
Blockchain games are the real winners of the bear market
Gaming was the most successful blockchain segment in July, with UAW up 8% month-over-month and 98% over a year ago.
At the end of July, there were almost 1 million UAWs connected to gaming dapps per day (967,662 average UAWs per day). This isn’t all that surprising considering the industry continues to produce more immersive and playable games. Blockchain games now account for his 57.39% of all UAW linked to dapps, up from 52.03% the previous month, with transactions totaling $857 million.
By contrast, NFTs are showing signs of slowing down, with the sector failing to exceed $1 billion in total transaction volume for the first time since June 2021. However, much like DeFi, the NFT space is not all pessimistic. According to the report, the number of UAWs linked to NFT-related dapps rose to 130,418 at the end of the month, thanks to a resurgence of interest in Solana and BSC.
July was also a difficult month for industry-leading NFT marketplace OpenSea, which saw its dominance drop significantly. OpenSea’s market share fell from 84% of total NFT trading volume to just 58.6% at the end of the month. This is in the face of increased competition from rivals including the newly launched Gamestop and Nickelodeon NFT marketplaces.
Pedro Herrera, Head of Research at DappRadar, said the report paints a mixed picture about the current crypto market landscape. ;Blockchain Gaming continues to buck the bearish trend, with his 60% of overall blockchain activity at an all-time high. NFT fell below his $1 billion in sales for the first time since last June, while the number of UAWs linked to his NFT-related dapps rose to 130,418 at the end of the month. Chip NFT collections like CryptoPunks performed particularly well. “
About DappRadar
Founded in 2018, DappRadar is the world’s Dapp store. It is a global decentralized application (dapps) store that makes it easy for a base of over 1 million users per month to track, analyze and discover dapp activity via an online platform. The platform currently hosts over 10,000 dapps from over 30 protocols and offers a host of consumer-friendly tools including comprehensive NFT valuations, portfolio management, and industry-leading actionable daily insights. .
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