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According to DappRadar’s monthly industry report, the decentralized application industry grew by 9.97% in May. The paper states that this has reached an average of 1,967,051 daily unique active wallets (dUAW).
The research attributed the growth to the gaming sector and decentralized finance (DeFi), however, the latter saw a decline in total value locked.
These sectors “continue to display promising signs of growth and stability, emphasizing the importance of this thriving industry,” it said. noted,
Gaming Dapps Dominant
The gaming sector was dominant, accounting for 36% of all dapp activity and 711,913 dUAW. In May it increased by 5.97% over the previous month. The report states that blockchain gaming had a 77% dominance of the entire dapp industry with 550 million transactions.
Unique active DeFi wallets grew by 18% to 607,945, giving the sector a 31% dapp market share. Social dapps was the third largest sector of the industry, with 12% dominance but dUAW declined by 5% for the month.
However, the report did see a decline in the total value of DeFi locked for the month:
“TVL presents a contrasting narrative, experiencing a 4.3% decrease to $79.16 billion, despite growing hype and adoption of DeFi protocols.”
DeFiLlama There is a separate figure of $52.74 billion for TVL, but it confirms that figure fell in May.
The BNB chain was the market leader for dapp activity, increasing by 8.68% to reach 532,056 dUAW.
“Interestingly, the growth seen in DUAW has come from blockchains offering DeFi products,” the report said.
Stargate Finance was the most popular dapp for the month in terms of DUAW, with just over two million. As a result, it has now overtaken PancakeSwap for this metric after a 40% increase in users in May.
crypto market outlook
Crypto markets also declined in May, with total market capitalization declining by 2%. However, the markets traded mostly sideways for the month, and they continued to do so as the week ended.
The total cap increased by 0.9% to $1.18 trillion at the time of writing. BTC again posted minor gains to top $27,000, while ETH gained 1.5% to $1,883.
Low volume and volatility have kept the crypto asset tightly range-bound, but on-chain data suggests a breakout is imminent.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
According to DappRadar’s monthly industry report, the decentralized application industry grew by 9.97% in May. The paper states that this has reached an average of 1,967,051 daily unique active wallets (dUAW).
The research attributed the growth to the gaming sector and decentralized finance (DeFi), however, the latter saw a decline in total value locked.
These sectors “continue to display promising signs of growth and stability, emphasizing the importance of this thriving industry,” it said. noted,
Gaming Dapps Dominant
The gaming sector was dominant, accounting for 36% of all dapp activity and 711,913 dUAW. In May it increased by 5.97% over the previous month. The report states that blockchain gaming had a 77% dominance of the entire dapp industry with 550 million transactions.
Unique active DeFi wallets grew by 18% to 607,945, giving the sector a 31% dapp market share. Social dapps was the third largest sector of the industry, with 12% dominance but dUAW declined by 5% for the month.
However, the report did see a decline in the total value of DeFi locked for the month:
“TVL presents a contrasting narrative, experiencing a 4.3% decrease to $79.16 billion, despite growing hype and adoption of DeFi protocols.”
DeFiLlama There is a separate figure of $52.74 billion for TVL, but it confirms that figure fell in May.
The BNB chain was the market leader for dapp activity, increasing by 8.68% to reach 532,056 dUAW.
“Interestingly, the growth seen in DUAW has come from blockchains offering DeFi products,” the report said.
Stargate Finance was the most popular dapp for the month in terms of DUAW, with just over two million. As a result, it has now overtaken PancakeSwap for this metric after a 40% increase in users in May.
crypto market outlook
Crypto markets also declined in May, with total market capitalization declining by 2%. However, the markets traded mostly sideways for the month, and they continued to do so as the week ended.
The total cap increased by 0.9% to $1.18 trillion at the time of writing. BTC again posted minor gains to top $27,000, while ETH gained 1.5% to $1,883.
Low volume and volatility have kept the crypto asset tightly range-bound, but on-chain data suggests a breakout is imminent.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
