In 2021, the DeFi and NFT markets have multiplied and reached unprecedented heights thanks to the rise in popularity of decentralized financial services and non-fungible tokens.
According to the CoinGecko portal, the level of capitalization of cryptocurrencies issued in blockchains with the function of creating decentralized financial instruments increased by 650% from $ 20 to $ 150 billion. At the same time, their share in the market capitalization of digital assets more than doubled and reached ATH at around 6.5%.
Demand for services has grown thanks to products based on second-generation DeFi 2.0 protocols.
Dynamics of changes in the level of capitalization of cryptocurrencies in the DeFi market
The list of leaders in the amount of funds locked in smart contracts (TVL) was led by the Ethereum and Binance Smart Chain blockchains. In 2021, the dominance of the Ethereum network in the DeFi market decreased by almost 35% and amounted to 65% at the end of the year. The TVL of the Solana and Terra blockchains, on the other hand, increased by 5% and 7%, respectively.
NFT trading volume increased 727 times compared to 2020 from $33 million to $24 billion. The OpenSea platform topped the list of leading marketplaces, as it accounted for 61% of the value of sold and purchased tokens. Axie Infinity (17%) took second place in this indicator, and Crypto Punks (10%) took third place.
The Ethereum blockchain dominates the NFT space. Last year, network users completed 4.9 million transactions with non-fungible tokens worth $ 12 billion. The value of unique coins sold on the Ronin blockchain was only $ 3.8 billion, and in Solana, which closed the top 3, it was $ 833 million.
At the end of 2021, the CryptoPunks collection was ahead of all competitors at an average price of one token of $ 288,000. The second position in this value was occupied by the NFT Bored Ape Yacht Club – $ 104,400, the third – the spin-off of the Mutant Ape Yacht Club project, whose the average cost reached $32,600.
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