DeFi overtook games in October to become the leading sector in the decentralized apps market: DappRadar - The Daily Hodl
Decentralized Finance (DeFi) overtook games last month to become the leading sector in the decentralized apps (DApp) market, according to a new analysis by analytics firm DappRadar.
According to DappRadar, #DeFi now accounts for 34.5% of total DApp activity, compared to 24.5% for games and 17.7% for unique tokens ('NFT-').
As a result of this notable shift, the gaming sector has lost its leading position in the DApp industry and has now been overtaken by DeFi; the growth in DeFi usage reflects not only the activity in the market in October, but also the impact of the US election in early November, which in particular saw a surge in #meme coin transactions.
DappRadar notes that DeFi averaged 7.4 million unique active wallets (dUAW) per day in October, making it the most dominant sector in the DApp space for the first time since the start of 2019. The company also noted that interest in social and artificial intelligence (AI)-focused DApps was lower last month, which signals the start of a new industry cycle.
In addition, DeFi's total value of #blockchain capital (TVL) rose 3.5 percent to $165 billion in October. TVL refers to the amount of capital invested in blockchain smart contracts and is often used to assess the health of the cryptocurrency ecosystem.
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