DeFi
Total value locked in DeFi in May 2024 hits $192 billion, highest since February 2022 – BitKE
In May 2024, the total value locked (TVL) in decentralized finance (DeFi) applications jumped to $192 billion, the highest figure since February 2022, according to a new report. report by DappRadar.
This figure represents a 17% month-over-month increase and is driven by rising token prices, particularly $ETH, which increased by 25%.
- Ethereum continues to retain the lion’s share of overall DeFi TVL, with a current dominance of 68%.
- Solana follows closely, benefiting from recent trading initiatives from memecoin and DeFi on his network.
- Additionally, the native token $SOL saw a notable increase in value of 11% over the past 30 days.
- Despite the growth in total value locked (TVL), daily unique active wallets (UAW) decreased by 21% to 1.75 million for the month, which now constitutes 17% of the UAW for all Web3 applications combined .
- The gaming sector recorded over 3 million active users, an increase of 7% compared to the previous month (April 2024).
“This continued growth highlights the strong engagement and growing user base within the gaming app sector. Gaming now accounts for 30% of Dapps’ total business, solidifying their dominance in the industry,” DappRadar said.
Non-fungible token (NFT) market users increased by 11%, reaching 1.52 million UAW, while Web3 social media apps saw a substantial increase, reaching 1.92 million UAW, i.e. an increase of 29%.
According to the report, the total number of Web3 daily unique active wallets (UAWs) has now reached 10.4 million. An earlier report from April 2024 indicated that UAW surpassed 7 million in the first quarter of 2024, up from 4.3 million users in 2023.
This data collectively demonstrates a consistent trend of increasing user engagement with Web3 applications.
“While everyone is waiting for the next bull run, this time might be different. More and more projects are developing incredible solutions with cutting-edge technology,” the report notes.
“Maybe, just maybe, we’re already in the middle of a bull run.” Only time will tell what the future holds. Let’s see what happens next.
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