Dapp Radar, a platform for DApp discovery and analysis, released a detailed report in May that analyzes the state of the crypto market. It mainly covers three areas: DeFi, NFT activity, and crypto games, and states that Terra’s blunder did not destroy the entire DeFi ecosystem. NFT trading volumes, measured at token prices, fell by just 6% from April, and interest in blockchain games remained strong amid the sale of cryptocurrencies.
DeFi is not dead
According to a DappRadar report CryptoPotato, DeFi was the most hit sector in May. The industry’s Total Locked Value (TLV) totals $ 117 million, 45% below what was recorded by the end of April. Of all DeFi protocols, Tron was the only network to record a positive number of TLVs (47% increase in MoM), but all remaining major projects declined.
Despite the weaknesses that appear to have been exacerbated by Terra’s historic collapse, the report states that the sector is “far from death” as it achieved 11% year-over-year growth in TLV. In addition, the dominant decentralized exchange, Uniswap, reached a breakthrough trading volume of $ 1 trillion in the same month.
NFT is being integrated
The amount of NFT transactions decreased by 20% in MoM when measured in US dollars, but decreased to 6% when displayed in NFT native tokens. The report shows that the bear market has not fundamentally shaken people’s beliefs in this sector.
Notable Solana NFTs generated $ 335 million in all markets, up 13% from April, against overall market conditions. DDespite the plunge in floor prices for blue chip projects like BAYC and MAYC, NFT space hasn’t lost momentum as new protocols continue to attract investor volume.
In terms of marketplaces, OpenSea’s dominance has diminished with intensifying Solana-based competition. Magic Eden, Wax’s Atomic Hub, etc. The Coinbase Marketplace was considered a “failed experiment” because it has generated only $ 2.5 million since it was released on April 20th this year.
The report further reports that the fast-growing sector has been in the integration phase since it peaked in January this year, despite the recent shrinkage in the NFT space, and its involvement with the non-cryptocurrency population. Pointed out that has changed the current cryptocurrency situation.
The exposure the blockchain industry receives from NFTs puts today’s crypto market in a completely different position than it will be in the 2018 crypto winter. At that time, the level of engagement and enthusiasm surrounding the industry was surprisingly low. Mainstream media continue to call for the bursting of the NFT bubble, but market conditions for NFT spaces are inconsistent. – Read the dissertation.
Blockchain games maintain resistance
Even when compared to DeFi and NFT Blockchain games suffered the least, and the number of such transactions decreased by only 5% from April. Meanwhile, the report cited a16z’s $ 4.5 billion commitment to boost Metaverse and related blockchain games.
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