DeFi is witnessing a growth in TVL, finally marking an end of the downtrend witnessed so far in 2022.
Since 2022 began, crypto markets have witnessed a downturn till March. In the current month, markets began to recover as BTC also pushed above $40,000 lifting altcoins and DeFi tokens along with it.
Growth in DeFi Sector
According to crypto analytics firm Messari, the majority of the top tokens in the DeFi sector have posted double-digit gains over the past 30 days led by THORChain (RUNE), which increased by 131.9%, and Aave (AAVE), whose price increased by 55.39%.
Many tokens are far away from their All-Time Highs (ATH) still their Total Value Locked (TVL) is increasing. The sector TVL is just $27 billion below its previous high of $256 billion. So, the DeFi ecosystem is growing and attracting value, as per Defi Llama
Data from Dune Analytics indicates that the total number of DeFi users has steadily increased throughout 2022 and currently sits at a record high of 4,563,907 unique wallet addresses.
NFT Marketplaces Go Past DEXes
Another development recorded recently is DEXes being overtaken by NFTs. DEXes have been plunging for quite a time now. They are at their lowest point since July 2021.
Token Terminal data shows that traders haven’t been too eager to swap tokens in the current environment. They are more active in other areas of the market with the revenue generated by the top apps on the uptrend since bottoming in February.
OpenSea and LooksRare NFT marketplaces have been the top-performing decentralized applications (DApps) by revenue over the past couple of months, followed by Uniswap, Convex Finance and PancakeSwap.
The overall cryptocurrency market cap now stands at $2.158 trillion and Bitcoin’s dominance rate is 42.2%.
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