The growth was driven by the decentralized finance (DeFi) and gaming sectors, with gaming contributing to 36% of overall dapp usage and 711,913 daily unique active wallets (dUAW)
According to the monthly industry analysis conducted by DappRadar, the decentralized app (dapp) market experienced a significant 9.97% growth in May. The report highlights that the average number of daily unique active wallets (dUAW) reached 1,967,051.
The expansion of the market was primarily driven by the gaming industry and decentralized finance (DeFi), although DeFi witnessed a decline in total value locked recently.
Specifically, the gaming sector accounted for 36% of overall dapp usage, with 711,913 dUAW. Compared to April, the growth in May was 5.97%. The study further reveals that there were a total of 550 million dapp transactions, with 77% originating from blockchain games.
DeFi TVL Declines
In May, the decentralized finance (DeFi) industry witnessed an 18% growth in unique active wallets (dUAW), reaching 607,945, and now holds a 31% share of the overall dapp market. Social dapps, the third-largest segment, dominated the market with a 12% share but experienced a 5% decrease in dUAW throughout the month.
Despite the growth in DeFi wallets, the total amount locked in DeFi saw a decline. DeFiLlama’s estimate for total value locked (TVL) in May was lower at $52.74 billion, indicating a decrease compared to previous months.
In terms of dapp dominance, BNB Chain led the market with an 8.68% growth to 532,056 dUAW. The most used dapp in May was Stargate Finance, with over two million dUAW. The platform experienced a 40% increase in users and currently surpasses PancakeSwap in terms of user activity.
While many cryptocurrencies have been trading within a range due to low volumes and volatility, on-chain data suggests an imminent breakout. Additionally, with the Federal Reserve’s upcoming interest rate hike, cryptocurrency prices may experience significant fluctuations.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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