In May 2024, the total value locked (TVL) in decentralized finance (DeFi) applications surged to $192 billion, marking the highest figure since February 2022, says a new report by DappRadar.
The figure represents a 17% increase Month-over-Month and was driven by rising token prices, especially $ETH, which increased by 25%.
Ethereum continues to maintain the lionâs share of the overall DeFi TVL, currently standing at 68% dominance.
Solana follows closely behind, benefiting from recent memecoin trading and DeFi initiatives on its network.
Furthermore, the native $SOL token has experienced a notable 11% surge in value over the past 30 days.
Despite the growth in total value locked (TVL), daily unique active wallets (UAW) decreased by 21% to 1.75 million for the month, which now constitutes 17% of the UAW for all Web3 applications combined.
The gaming sector witnessed over 3 million active users, marking a 7% rise from the previous month (April 2024).
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âThis continued growth highlights the strong engagement and expanding user base within the gaming dapp sector. Gaming now accounts for 30% of the total dapp activity, cementing its dominance in the industry,â said DappRadar.
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Non-fungible token (NFT) marketplace users increased by 11%, reaching 1.52 million UAW, while Web3 social media apps saw a substantial uptick, reaching 1.92 million UAW, representing a 29% increase.
According to the report, the total number of Web3 daily unique active wallets (UAW) has now reached 10.4 million. An earlier report from April 2024 indicated that UAW had surpassed 7 million in Q1 2024, rising from 4.3 million users in 2023.
This data collectively demonstrates a consistent trend of growing user engagement with Web3 applications.
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âWhile everyone is anticipating the next bull run, this time may be different. More and more projects are developing incredible solutions with cutting-edge technology,â the report notes.
âPerhaps, just perhaps, we are already in the midst of a bull run. Only time will tell what the future holds. Letâs see what happens next.â
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