DeFi
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Specialists of the analytical company DappRadar reported on the state of affairs in the decentralized finance sector for the first quarter of 2023. They noted that, according to the data, the industry had a successful period. Good performance was despite the difficulties that the industry faced at the end of 2022.
According to experts, the bear market only negatively affected the number of active users interacting with DeFi applications. According to the report, the number of daily unique active wallets (dUAW) decreased by almost 10% compared to the previous quarter.
However, this trend was in line with the overall decline in dUAW across all sectors. For example, users were active on the world’s leading cryptocurrency platform, where 449,000 dUAWs were registered daily this quarter. However, this figure is down 28% from 629k dUAW registered in the last quarter of 2022.
Wax came in second with just under 400k dUAW, up 9% from three months earlier. At the same time, the number of dUAWs in the Polygon network increased by 25%, exceeding the figure of 197 thousand unique wallets daily.
While most other blockchain platforms experienced problems with active user growth, the Arbitrum network was out of competition. Here, the number of dUAWs increased by 125% compared to the last quarter.
Heightened interest in the Arbitrum project has also led to an increase in total value locked (TVL) in DeFi. The DeFi sector recorded $83.3 billion, up 37% from the previous quarter.
Arbitrum’s long-awaited airdrop has attracted a significant number of users to the platform, pushing the entire DeFi sector into growth. Data from DappRadar showed that the network’s TVL increased by 118%, ending the quarter with $3.2 billion. The GMX protocol accounted for more than 80% of Arbitrum’s frozen funds.
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