Blockchain-based games as well as NFT trading was the main driving driver behind the adoption of dapps during Q3 according to defi insights platform Dappradar. The Dapp Industry Report: Q3 2021 Overview, Dappradar states that the significance of these new developments in the crypto market grew rapidly, making the market more competitive and diverse within the process. Defi was also boosted by platforms such as Solana and Terra evolving to allow for the growth of projects.
Dappradar: Play-to-earn and NFTs were the most important factors in Q3
NFTs and play-to-earn games are crucial for the sector in the past quarter, as per the Dapp Industry Report: Q3 2021 Overview released by Dappradar. The report states that that the industry has outperformed traditional decentralized applications in the form of distinct active wallets, which is a sign of the growing widespread use of these tools in the present.
The play-to-earn market drew more than 754,000 unique daily active wallets in Q3 offering more activity than more well-established decentralized finance protocols. This growth is partially the result of the sudden emergence of Axie Infinity in the market during the quarter, a cryptocurrency game that has generated over $1.6 billion. The NFT sector also saw record growth, increasing its value by 704% year-over-year.
Diversification Is Key
The reason behind the growth in previously neglected or marginalized segments of the business is due to the direction this market is taking, thereby giving the value of diversification. This is the view of Modesta Jurgeleviciene, the Head of Finance & Research at DappRadar she stated:
Overall, this brought new life to the market at the time as prices were declining. The blockchain industry was able to continue growing overall, with growth of 25% quarter over quarter and 509 percent year-over-year.
While Ethereum is the undisputed leader in the defi space Two blockchains have stepped into the space with great force. Solana has reached $8.28 billion TVL in the quarter ended March 31 which is an increase of more than 1,300% when compared to the previous quarter. Additionally, Terra has gradually made it more attractive through the introduction of protocols such as Anchor which provides 20% APY on deposits in stablecoin. Terra’s TVL is $8.09 billion, which is up 137% from the previous quarter.
courtesy by Bitcoinnews