The impact of the FTX collapse is devastating and the market is poised for further losses. However, according to a recent report by DappRadar, Web3 remains resilient.
Centralized services are losers. The decentralized finance (DeFi) sector has also been affected by the outbreak. However, user activity in this sector appears to have returned to previous month levels.
State of DeFi
According to a recent Dapp Radar report shared with crypto potatototal locked value (TVL) across DeFi platforms plunged more than 20% since the start of the month, from $83 billion to $65 billion. to $41 billion on Nov. 13, down 14%.
Lido, the network’s largest liquid staking service provider, saw its ETH staking yield increase by more than 10.6%, a record high. However, stETH lost his peg to ETH and is currently trading at 0.9883.
BNB’s TVL suffered a similar fate, dropping 14% to $7.3 billion, while Tron’s TVL fell more than 25%, dropping from $6.1 billion to $4.6 billion. Other networks such as Avalanche, Polygon and Arbitrum also recorded his TVL declines of 25.06%, 8.76% and 10.26% respectively.
However, the biggest loss in terms of TVL in USD was the Solana blockchain, which reduced its TVL by nearly 65% from $1.65 billion to $585 million.
On the bright side, the decentralized application (DApp) sector remains strong despite the FTX scandal. The industry’s unique active wallets (UAW) fell by 11.67%, reaching an average of 1.9 million dUAW in November, according to the report. In contrast, the total number of transactions he decreased by only 0.28% to reach 26 million.
Meanwhile, DeFi UAW peaked on November 9th and 10th, reaching close to half a million UAW on both days. This coincided with the unraveling of FTX. However, the data suggests that DeFi activity has returned to his 400K dUAW, the previous month’s level.
Dapp Radar points out that the ensuing meltdown from the now-bankrupt cryptocurrency exchange appears to have had little impact on gaming dapps, whose UAW surged to 900,000 on Nov. 10. Did.
Game chains EOS, Hive, Wax, Ronin, and IMX, on the other hand, saw little turmoil and no major fluctuations.
State of NFTs
Dapp Radar points out that the lackluster trading volume in the NFT market is due to socio-economic factors rather than declining collector interest. In his first two weeks in November, sales numbers took him a little over 24%. Since the beginning of the month, most blockchain NFT trading volumes have fallen.
Ethereum’s daily NFT trading volume fell by 73.75%, dropping from $17 million to $4.4 million. Flow numbers decreased by 67% over the same timeframe. His daily NFT trading volume on Polygon also started the month at $307,830 where he dropped 67% to $101,375 by November 13th. Over the same timeframe as Flow, Polygon’s daily NFT trading volume also dropped from $235,794 to $114,465.