DappRadar Announces Monthly Report On The Crypto Market: How Is The DeFi And NFT Industry?

Crypto industry’s largest decentralized app marketplace DappRadarannounced its monthly report for August. DappRadar, in its published report DeFi sector and commented on the general situation.

The report included the following statements about general market conditions:

“In recent months, the cryptocurrency markets have been rocked by a succession of negative news. There was an attack on Solana wallets in August. Subsequently, Acala and Nomad vulnerabilities, and Tornado Cash sanctions significantly affected the TVL (total locked value) parity of the DeFi sector.”

The report also included news that were expected to have a positive impact on the DeFi industry. Ethereum The Goerli Testnet was successfully completed in August, while the Merge update is getting closer and closer.

According to the platform’s report, the effects of the bear market DApp continues to be seen in the field. The number of wallets in the DApp sector fell to the lowest level of the year as of August. The number of wallets, which decreased by 3.52% this month, decreased by 14.7% compared to August last year.

DeFi applications, on the other hand, saw a recovery for the first time since May. According to the report, the number of active wallets in DeFi applications increased by 3.7% compared to the previous month.

DAppRadar identified the main reason for the rise FLOW incoming NFTs generated on the blockchain network Instagram associated with support. The number of active wallets in the FLOW protocol increased by 577% in 1 month.

Against this Left (LEFT) The number of active wallets of DeFi applications in its network decreased by 53% compared to the previous month.

Interest in NFTs is also declining rapidly, according to DApprRadar. NFT The number of active wallets in the sector decreased by 16.7% compared to the previous month, even falling below the bottom level in June 2021. The number of active wallets is currently around 114 thousand.