FTX’s collapse has fallout across the crypto market but some sectors such as web3 is showing signs of resilience. A recent Dapp Radar report offers insights into the trends. It notes that the total value locked (TVL) across DeFi platforms has fallen by 20% from $83 billion to $65 billion since the beginning of November.
Market leader Ethereum saw its TVL crashing from $51 billion on November 1 to $41 billion on November 13, marking a 14% decline. The biggest loser was Solana blockchain whose TVL in USD crumbled nearly 65% from $1.65 billion to $585 million.
However, the decentralized applications (DApp) sector is showing no fatigue and is going strong despite the FTX scandal.
According to reports, unique active wallets (UAW) in the industry had a decline of 11.67% and hit an average of 1.9 million UAWs in November. But the decline in the number of transactions has been marginal at 0.28% hitting 26 million.
DeFi UAWpeaked on November 9 and 10 and touched nearly 500,000 UAW on both days even as it coincided with the FTX disclosures of unstable balance sheets.
Data suggests DeFi activity is getting back to its levels from the previous month – 400K UAW.
The FTX meltdown appears to have positively impacted gaming dapps with its UAW skyrocketing on November 10 to 900,000. Activity in gaming chains EOS, Ronin, Hive, Wax, and IMX had been unhampered by the turmoil and there were no big fluctuations.
Dapp Radar’s report also attributed the slip in trading volume in the NFT market to socioeconomic factors than a slowdown in collector interest including Ethereum’s daily NFT trading volumes and those of Flow and Polygon.
Meanwhile, the Creator royalty tussle in the NFT market is heading for a resolution despite the NFT market rejecting the push for creator royalties initially.
After OpenSea, the top NFT marketplace yielded to enforce royalties, competitor Ethereum marketplace X2Y2 has now agreed to introduce royalties.
