Catenaa, Sunday, November 17, 2024- Decentralized finance (DeFi) has surpassed gaming to become the dominant sector in the decentralized application (DApp) market, according to new data from market intelligence firm DappRadar.
In October, DeFi accounted for 34.5% of overall DApp activity, edging out gaming, which held 24.5%, and non-fungible tokens (NFTs) at 17.7%.
The shift marks a significant change in the DApp industry, as gaming had previously been the leading sector. DappRadar attributes DeFi’s rise not only to October’s market activity but also to the US elections, which sparked increased trading, particularly in meme coins.
The data also shows that DeFi saw an average of 7.4 million daily unique active wallets (dUAW) in October, reaching its highest level since early 2019. This surge reflects growing adoption and usage, making DeFi the most dominant sector in the space. Additionally, the total value locked (TVL) in DeFi protocols rose by 3.5% to $165 billion, a key metric for assessing the health of the crypto ecosystem.
In October, the DeFi sector also raised $100 million, reinforcing strong market confidence. Meanwhile, DappRadar noted that social and artificial intelligence (AI)-focused DApps saw decreased interest, suggesting a shift towards new industry cycles.
The data highlights DeFi’s growing influence in the decentralized app landscape and signals a shift in market trends.
