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DeFi Started Recovering While NFT Segment Bleeds: DappRadar July 2022 Report

Fri, 08/05/2022 - 12:00
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Vladislav Sopov
DappRadar, leading analytical platform for decentralized applications (dApps) segment, covers most prominent trends in crypto in Q3, 2022
DeFi Started Recovering While NFT Segment Bleeds: DappRadar July 2022 Report
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All segments of the global Web3 ecosystem are still affected by the aftermath of the painful Terra (LUNA) ecosystem collapse. However, some major smart contracts hosting platforms wintessed double-digit TVL upsurges.

DeFi segment sees 22% increase in TVL in last 30 days

According to DappRadar Blockchain Industry Report – July 2022 shared with U.Today, the segment of decentralized finances (DeFi) demonstrates the first signs of recovering.

DappRadar releases July, 2022 report
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In July 2022, the aggregated TVL (total value locked) of all blockchain platforms jumped by over 22% from the $67.3 billion level. Of all the leading blockchain platforms, only Fantom (FTM) and Waves (WAVES) saw their TVL decrease in July.

Meanwhile, Tron (TRX) total value locked jumped by almost 50%; Solana (SOL), Polygon Network (MATIC), Avalanche (AVAX) and Cronos (CRO) also demonstrated significant increases.

DappRadar experts also noticed that Polygon Network (MATIC) outperformed almost all mainstream platforms in terms of developer activity. This upsurge looks interesting in light of its Disney partnership and branded Web3 phone release.

NFT trading volume drops below $1 billion for first time since Q2, 2021

Then, in Q3, 2022, in various large countries — from the EU, U.K. and Switzerland to China and Hong Kong — the discussion about new regulatory requirements for the crypto segment gained traction.

At the same time, activity on NFT markets plunged. In July 2022, for the first time in recent months, the aggregated volume of NFT deals left the 10-digit zone.

Also, the number of traders decreased by 8%. For the first time in the history of the NFT marketplaces segment, OpenSea might lose its dominance. In the last 30 days, OpenSea was responsible for 58% of trading on NFT markets.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)