DeFi According to the monthly report of its follower DappRadar, the sector made a positive start to 2023 unlike the previous months. In the first month of the year, while the DeFi market grew with its trading volume, an increase was observed in NFT sales.
According to the report, the total locked-in stakes in DeFi projects cryptocurrency its value has increased tremendously. The TVL metric increased by 26% in a month, with the total market cap of coins locked in decentralized finance projects recorded as $74 billion.
The highest performing DeFi platform of the month was by far Optimism. The amount of crypto staked in the ETH Layer-2 solution increased by 55% in 1 month to $ 808 million. Experts attribute the main reason for the rise in Optimism to the incentive program implemented in the past period.
Rebound Signals in the NFT Market
DappRadar alongside decentralized finance NFT also gripped the industry. Digital artworks healed their wounds in January while having a nightmarish 2022 year.
According to the data, the trading volume of the NFT market reached $950 million, up 36% month on month. This figure was recorded as the highest value since June 2022.
Ethereum remained the largest blockchain network in the NFT market with $660 million. The sector player that had the strongest January was Yuga Labs. The company generated $324 million in trading volume from its private collections.
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