DeFi Started Recovering While NFT Segment Bleeds: DappRadar July 2022 Report

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Vladislav Sopov

Dap­pRadar, lead­ing ana­lyt­i­cal plat­form for decen­tral­ized appli­ca­tions (dApps) seg­ment, cov­ers most promi­nent trends in cryp­to in Q3, 2022

Con­tents

All seg­ments of the glob­al Web3 ecosys­tem are still affect­ed by the after­math of the painful Ter­ra (LUNA) ecosys­tem col­lapse. How­ev­er, some major smart con­tracts host­ing plat­forms wintessed dou­ble-dig­it TVL upsurges.

DeFi segment sees 22% increase in TVL in last 30 days

Accord­ing to Dap­pRadar Blockchain Indus­try Report – July 2022 shared with U.Today, the seg­ment of decen­tral­ized finances (DeFi) demon­strates the first signs of recovering.

DappRadar releases July, 2022 report
Image by Dap­pRadar

In July 2022, the aggre­gat­ed TVL (total val­ue locked) of all blockchain plat­forms jumped by over 22% from the $67.3 bil­lion lev­el. Of all the lead­ing blockchain plat­forms, only Fan­tom (FTM) and Waves (WAVES) saw their TVL decrease in July.

Mean­while, Tron (TRX) total val­ue locked jumped by almost 50%; Solana (SOL), Poly­gon Net­work (MATIC), Avalanche (AVAX) and Cronos (CRO) also demon­strat­ed sig­nif­i­cant increases.

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Dap­pRadar experts also noticed that Poly­gon Net­work (MATIC) out­per­formed almost all main­stream plat­forms in terms of devel­op­er activ­i­ty. This upsurge looks inter­est­ing in light of its Dis­ney part­ner­ship and brand­ed Web3 phone release.

NFT trading volume drops below $1 billion for first time since Q2, 2021

Then, in Q3, 2022, in var­i­ous large coun­tries — from the EU, U.K. and Switzer­land to Chi­na and Hong Kong — the dis­cus­sion about new reg­u­la­to­ry require­ments for the cryp­to seg­ment gained traction.

At the same time, activ­i­ty on NFT mar­kets plunged. In July 2022, for the first time in recent months, the aggre­gat­ed vol­ume of NFT deals left the 10-dig­it zone.

Also, the num­ber of traders decreased by 8%. For the first time in the his­to­ry of the NFT mar­ket­places seg­ment, OpenSea might lose its dom­i­nance. In the last 30 days, OpenSea was respon­si­ble for 58% of trad­ing on NFT markets.

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