Recent research by DappRadar has pulled out to the extent to which DeFi and NFT markets have been growing over the entire year. In the Value Flow Report on Thursday, DappRadar mentioned that there were recent trends that went through major sizable growth in NFYs and gaming over blockchain but what was more surprising was that the decentralized finance sector was also generating some pretty substantial value.
While the value did definitely flow from the decentralized finance sector to the Non-Fungible tokens, it did appear that both the categories were generating their values pretty independently.
DeFi On A High
The research went pretty deep into DeFi- based on Ethereum, which is still pretty much the one dominant force in the entire sector despite the arrival of networks such as Solana, Binance Smart Chain, and Avalanche. Value has definitely moved in with wrapped Ether- an increase of 400% since the July of 2020, and Dai and Tether have increased by 1,300% and 500% over the same period of time.
When the research was compiled, almost 68% of all the collateral locked in DeFi was based on Ethereum. As of now, BSC holds second place amongst the blockchains in terms of Total Value Locked, with around $17.8 billion currently locked. PancakeSwap, another exchange of decentralized finance, has around $8.7 billion in TVL.
Polygon is the third-largest chain in terms of Decentralized collateral with almost $2.7 billion completely locked. However, the report didn’t provide any data for Solana, which has around $9.5 billion currently locked- as stated by Decentralized Finance Llama.
Cointelegraph reports that most crypto investors have been moving their assets into protocols of DeFi, and since China has gone down its path on cracking down on the cryptocurrency industry, regulatory fears in the United States are slowly increasing.
