New research by analytics platform DappRadar has revealed the extent to which decentralized finance and nonfungible token (NFT) markets have grown this year.
In its Sept. 30 “Value Flow Report”, crypto analytics platform DappRadar reported that recent trends have seen sizable growth in NFTs and blockchain gaming, but that DeFi is also still generating substantial value.
“Although the value flows to some extent from DeFi to NFTs, it appears that both categories are generating value independently.”
The research delved into Ethereum based DeFi which is still the dominant force in the sector despite the emergence of rival networks such as Binance Smart Chain (BSC), Solana, and Avalanche. Value has continued to flow in with wrapped Ethereum up 400% since July 2020 and stablecoins Tether and Dai increasing by 1,300% and 500% over the same period respectively.