Decentralized Finance (DeFi) and Non-fungible token (NFT) markets have undoubtedly been the two major highlights of the crypto space this year. DappRadar, an analytics platform has estimated the growth of the two industries in a year. The platform revealed that the two highlights of the crypto space have seen a sizable growth alongside a third industry, blockchain gaming.
DappRadar presently estimates that the total value locked is $114.8 billion, a 936% rise over the same period last year. According to the research, the industry’s total value locked (TVL) increased by 75% between July 23 and September 5, peaking at $195 billion across all networks.
The study examined Ethereum-based DeFi, which remains the industry’s dominating force despite the development of competing networks such as Binance Smart Chain (BSC), Solana, and Avalanche. The inflow of value has persisted, with wrapped Ether (wETH) rising 400% since July 2020 and stablecoins Tether (USDT) and Dai increasing by 1,300% and 500%, respectively, at the same time.
According to the study, August witnessed record volumes for NFTs, with a total of $5.2 billion exchanged. Ethereum is the dominating network in the NFT space, accounting for 90% of all volume on its blockchain. Even though OpenSea’s NFT marketplace offers sellers USD Coin (USDC), Dai, and Polygon (MATIC) choices, 99.7% of its transactions take place on Ethereum. According to the analysis, NFT growth has been organic and has not drained a significant amount of liquidity from DeFi protocols.