Sun. Apr 14th, 2024

• The market for decentralized apps increased by 9.97% in May, with gaming and DeFi industries leading the surge.
• The total amount locked in DeFi declined, however there was 18% growth in active wallets.
• BNB Chain dominated the dapp market with over two million daily unique active wallets (dUAW).

Surge of Decentralized Apps Market

The monthly industry analysis by DappRadar shows that the market for decentralized apps increased by 9.97% in May, with gaming and decentralized finance (DeFi) being responsible for the expansion. With 550 million dapp transactions in total, it is clear that these two industries are driving this surge.

Gaming Industry Dominates Market

The gaming industry accounted for 36 percent of total dapp use and 711,913 daily unique active wallets (dUAW). In comparison to April, growth in May was 5.97%. BNB Chain dominated the dapp market with an 8.68% growth to 532,056 dUAW, while Stargate Finance was the most used dapp last month after gaining 40% more users than PancakeSwap.

DeFi Total Value Locked Drops

Despite 18% growth in active DeFi wallets during May, there has been a decrease seen in total value locked (TVL). While DeFiLlama’s estimate for TVL is lower at $52.74 billion, it also indicates a decrease from April’s total. This suggests that despite user growth within the sector there may have been less spending or investment activity taking place on these platforms recently.

Cryptocurrency Prices Expected to Fluctuate

Most cryptocurrencies have been range-bound because of low volumes and volatility but on-chain data indicates a breakout is near due to an incoming interest rate hike by Fed which will likely cause prices to fluctuate greatly..

Conclusion

Overall this report highlights how both gaming and DeFi industries are dominating the decentralized app market currently and that despite some decline in TVL there remains a high level of user engagement within these sectors – indicating continued potential for further expansion throughout 2021 and beyond

By admin