The report highlights the growing use cases of NFTs and continued growth in daily wallet users.
Unmatched Growth
If it wasn’t apparent already, cryptocurrency and blockchain are riding a constant flow of innovation and growth. The third quarter of 2021 has concluded and is no exception. The industry is seeing unmatched growth.
The latest Dapp Industry Report provided by DappRadar gives an overview of the latest developments across the industry. Published on October 1st by Pablo Herrera, the report provides a detailed analysis of the roles played by decentralized finance (DeFi), notably the growth of Non-Fungible token (NFT) utility in the form of generative art and play-to-earn (P2E) gaming.
“If I were to sum up Q3 in a single word, it would be ‘diversification’. The play-to-earn movement became a key driver in the space, NFTs turned towards greater utility and secured record volumes, and the DeFi space got a lot more interesting and competitive with the likes of Solana and Terra,” says Modesta Jurgelevičienè, Head of Finance & Research at DappRadar.
Innovation, as it tends to, bred new ways of considering what NFTs mean and what they can do.
Six Notable Findings:
1.54 million average daily Unique Active Wallets (UAW) across blockchain, 1.7 Million in September
UAW increased 25% quarter-over-quarter and 509% year-over-year from 2020
$14.19 billion NFT market cap for Top 100 Ethereum collections and NBA Top Shot
$10.67 billion in trading volume during Q3, 704% increase from Q2
Axie Infinity surpassed $2.18 Billion in Trading Volume
1,701% growth of daily UAW connected to Binance Smart Chain games
The reach of blockchain is growing. The key to growth has been the aforementioned diversification of the industry. Games and art changed the lives of countless new users every day and new choices in everything blockchain emerged as the industry bred innovation. Attitudes around the industry are changing and the belief that blockchain can truly impact the world is beginning to take hold.
Binance Smart Chain: At A Glance
Much of the impressive growth in Q3 was based on the Ethereum chain. From the domination of Axie Infinity in P2E to the near 45% market share controlled by CryptoPunks in generative NFTs, Ethereum based projects are still far and away the top performers in blockchain.
However, the Dapp report detailed some findings from the Binance Smart Chain (BSC). BSC sits firmly in the number two spot for Total Volume Locked 17.78 billion in TVL, a near 10% increase from Q2.
The Binance Smart Chain network saw most of its growth in the P2E sector. The chain experienced a whopping 1,701% growth quarter-over-quarter for daily UAW. There was an average of 168,500 UAW for the quarter, which peaked at 286,500 UAW in August.
The report recognized the role of PancakeSwap not just on BSC, but DeFi as a whole. PancakeSwap is the second most used decentralized application (Dapp) behind Axie Infinity. PancakeSwap had a TVL of $8.71 billion at the end of Q3, an increase of 39.83% from Q2. The Dapp Report referred to PancakeSwap as the ‘crown jewel’ of BSC.
Impressively, Axie Infinity alone beats the entire BSC NFT volume with its $776 million revenue and 1.5 million active users. This lead may not be so extensive for long as PancakeSwap launches its NFT Marketplace. PancakeSwap’s new NFT endeavor will lead to more diversification in the industry, and as we have seen, this almost always creates massive growth in users and revenue.
Source : bsc.news
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