According to the report published by DappRadar, while the DeFi sector heals its wounds after the fall, the situation in NFTs is not encouraging at all.
Global stock markets are still trying to heal their wounds after the collapse of Terra (LUNA). Some smart contract platforms witnessed double-digit increases in their TVLs.
TVL on DeFi Platforms Up 22 Percent
According to DappRadar’s July 2022 report, DeFi is showing signs of recovery. Total Locked Value (TVL) in the aggregate of DeFi platforms increased by 22 percent, giving hope to the market. Of the leading DeFi platforms, only Waves (WAVES) and Phantom (FTM) fell.
On the other hand, while TVL of Tron (TRX) increased by 50 percent; Solana (SOL), Polygon Network (MATIC), Avalanche (AVAX), and Cronos (CRO) also experienced significant increases.
DappRadar experts also stated that Polygon Network has outstripped all other platforms in its developer event. Polygon’s agreement with Disney and the collaboration with the smartphone brand Nothing were effective in the rise here. Nothing uses the Polygon network to deliver NFTs on the new Android operating system Nothing Phone (1).
A Decrease in NFT Transaction Volume
NFT trading volumes fell below $1 billion for the first time since the second quarter of 2021. As of July 2022, trading volume on NFTs is out of the 10-digit region for the first time in recent months. In addition, as the number of traders decreased by 8 percent, the dominance of the NFT marketplace may come out of OpenSea for the first time.
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