Dapp industry survives FTX disaster, report shows

by
DeFi
Dapp industry survives FTX disaster, report shows

DappRadar’s November report reveals that DeFi and DApps are still strong, despite the centralized crypto projects collapse.

According to a recent DappRadar report shared with Crypto.news, the crash of FTX and other centralized crypto projects touched the DeFi industry on a tangent. While some projects close to the infamous Sam Bankman-Fried’s empire were affected more visibly, others remained intact.

TVL volume: the most impacted in November

In November, the total value locked (TVL) in the DeFi sector decreased by almost 20% to $66 billion.

Ethereum still dominated the industry with $32.1 billion TVL. However, the infrastructure has lost 24% since October. BNB Chain and Arbitrum were the least affected protocols, with 3% ($7.95B) and 5% ($1.43B) in TVL, respectively.

Having been so close to FTX, Solana suffered a lot more with a 71% decrease and its TVL dropping to $366 million.

Unique active wallets are almost intact

According to the DappRadar, the number of daily unique active wallets (UAW) in the business was only 5% lower in November, or down to 1.9 million.

The most active protocol was BNB Chain with an average of 651,669 dUAW. Gaming platform WAM saw a giant boost to its activity of 9,185% with 5,113 dUAW as an average.

NFT is in a downward trend

The NFT trading volume dropped by 17.5% in November, reaching $546 million. The amount so far is the lowest registered in 2022. Moreover, the sales count decreased by 22.2% as compared to October.

However, the month brought two new NFT marketplaces, ApeCoin and Uniswap NFT, to the industry.

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.