Since the beginning of this year, almost all decentralized products have seen staggering growth, which has helped the vast digital assets market to acquire new milestones.
According to a recently published report by Binance from 15 decentralized applications (dApps), 12 have seen massive growth in October this year, and their collective revenue amounts to $160 million.
The constant surge in adoption and usage of decentralized products and blockchain technology has significantly backed the growth in revenue of dApps.
The report also quotes that DEX and trading bot-related decentralized applications remain the major revenue generator, followed by the recent unprecedented surge in the trading volume of memecoins.
Pump(dot)fun a Solana blockchain-based memecoin launchpad and Photon a trading bot collectively gathered $29 million in revenue in October 2024. UniSwap, a known decentralized exchange, collected $16 million in revenue in the same month, and PancakeSwap followed reporting $10 million in revenue.
Decentralized exchanges and trading bots collectively earned over $100 million in fees. The cryptocurrency market’s overall trading volume has surged over 2.50 percent YTD.
Banana Gun a known bot has succeeded in acquiring a position among the highest revenue-generating dApps in the previous month. Mentioning the money market the report ranks Aave and Sky (formerly Maker) as the platforms that gathered the highest in fees.
Surged Crypto Funding Seems Backing the Growth!
According to data from Rootdata, the funds raised by crypto-based companies, infrastructures, and startups have collectively raised $8.71B in funding since the first date of this year till writing.
The number of funding rounds has surged over 22 percent YTD which were earlier 1108 rounds.
The list of highest funds raised is led by the infrastructures category followed by centralized finance, Games, NFTs, and other related products.
From the overall list of companies that raised funds 622 are based in the United States, 206 are in Singapore, 104 are registered in Great Britain, and over 30 Indian crypto-related projects raised funds in this frame.
A decentralized social media application similar to X (formerly Twitter), has raised $15 million in a Series A funding round. Blockchain Capital, SevenX Ventures, and Alumni Ventures led the investment.
On November 3, 2024, GameBeast successfully secured $2 million in funding from esteemed investors, including Tido Capital, Aza Ventures, and T Fund, among others.
The positivity in Bitcoin and crypto adoption can be attributed to several key factors, prominently including the entry of traditional finance giants, mainstream asset managers, and large-scale firms. These institutional players bring substantial funds and expertise, revolutionizing the digital asset market.
However, El Salvador stands out as a pioneer in embracing BTC. The nation has taken a bold step by recognizing Bitcoin as a legal tender and integrating it into its financial framework. This move has enabled the establishment of clear regulations and oversight, with specialized offices created to govern BTC’s functioning and usage.
El Salvador’s decision has significant implications, demonstrating the potential for Bitcoin to become a mainstream currency. As the world watches, other nations are likely to observe this experiment closely, considering the prospects of adopting similar legislation.
