DeFi and NFT are Growing in Popularity and Value – DappRadar
Decentralized finance (DeFi) and non-financial token (NFT) markets have grown significantly this year, according to the analytics platform DappRadar.
In its report, DappRadar said that there has been significant growth in NFT and blockchain-based games lately, and DeFi is still generating significant value.
The study focused on Ethereum-based DeFi, which has continued to grow in value since July 2020. In addition, Wrapped Ether (wETH) is up 400%, while the stablecoins Tether (USDT) and Dai are up 1300% and 500%, respectively, over the same period.
DappRadar reported a blocked value of $114.8 billion, up 936% from the same period last year. The report added that Total Industry Locked Value (TVL) rose 75% between July 23 and September 5, peaking at $195 billion across all chains.
DappRadar suggested that using TVL is not the best way to measure the value movement.
At the time of the study, 68% of all collateral blocked in DeFi was based on Ethereum. BSC is the second-largest blockchain in terms of TVL, with $17.8 billion currently locked, or 15.5% of the total.
Record volumes of NFTs were recorded in August, with a total of $5.2 billion sold, according to the report. The NFT OpenSea marketplace is the market leader, with 99.7% of its transactions taking place on Ethereum. The report concluded that the rise in NFT was natural and did not let much liquidity leak from the DeFi protocols.