Decentralized finance (DeFi) surpassed gaming last month to become the top sector in decentralized apps (DApp), according to a new analysis from market intelligence firm DappRadar.
DappRadar notes that DeFi now accounts for 34.5% of total DApp activity, compared to 24.5% for gaming and 17.7% for non-fungible tokens (NFTs).
“In a remarkable shift, the gaming sector has lost its leading position within the DApp industry, now overtaken by DeFi. This increase in DeFi use not only reflects October’s market activity, but also highlights the impact of the US elections in early November, which contributed to a surge in trading, especially around meme coins.”
DappRadar notes that DeFi clocked an average of 7.4 million unique active wallets (dUAW) per day in October, making it the most dominant sector in the DApp space for the first time since early 2019. The company also says that social and artificial intelligence (AI)-focused DApps witnessed lower interest last month, “signaling the start of a new industry cycle.”
Additionally, total value locked (TVL) in DeFi rose 3.5% to $165 billion in October. TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to measure the health of a crypto ecosystem.
The sector also raised $100 million last month, underscoring “strong market confidence,” according to DappRadar.
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Generated image: Midjourney