Wed, October 4

Decentralized Apps (Dapp) Market Surges by 9.97% in May

Oman Progresses on Virtual Asset Regulatory Framework Defi News
  • The decentralized finance (DeFi) and gaming industry were responsible for the expansion.
  • The gaming industry accounted for 36 percent of total dapp use and 711,913 dUAW.

The monthly industry analysis by DappRadar shows that the market for decentralized apps increased by 9.97% in May. The firm notes that the number of daily unique active wallets (dUAW) has already hit an average of 1,967,051. The study found that the gaming industry and decentralized finance (DeFi) were responsible for the expansion, however, DeFi has seen a fall in total value locked recently.

The gaming industry accounted for 36 percent of total dapp use and 711,913 dUAW. In comparison to April, growth in May was 5.97%. According to the research, there were 550 million dapp transactions in total, with 77% coming from blockchain games.

DeFi TVL Declines

With an 18% growth to 607,945 unique active DeFi wallets, the industry now has a 31% share of the dapp market. The third biggest industrial segment was social dapps, which dominated the market by 12% but had a 5% drop in dUAW throughout the month.

However, the monthly total amount locked in DeFi was seen to have decreased. While DeFiLlama’s estimate for TVL is lower (at $52.74 billion), it also indicates a decrease in May’s total.

With an 8.68% growth to 532,056 dUAW, BNB Chain dominated the dapp market. With well over two million dUAW, Stargate Finance was the most used dapp last month. After gaining 40% more users in May, it is currently ahead of PancakeSwap in this regard.

Most cryptocurrencies have been range-bound because of low volumes and volatility, but on-chain data indicates a breakout is near. And with the upcoming interest rate hike by Fed, prices might fluctuate greatly.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.