October was a strong month for cryptocurrencies like Bitcoin, but a number of decentralized financial (defi) tokens posted higher double-digit gains over the past week. In addition, sales of non-fungible tokens (NFT) have increased, and after the Total-Value-Locked (TVL) in Defi exceeded $ 200 billion on October 5, an additional $ 22 billion was increased two weeks later TVL added.
Defi Network Token Polkadot, Polygon, Binance Coin, Stacks surpass Bitcoin’s weekly earnings
Bitcoin (BTC) has done extremely well and BTC dominance has increased to 45.3% in the last week. However, a decent amount of Defi-Token from certain blockchain networks has surpassed BTC in the past week.
In fact, of all the crypto assets in existence today, nine different digital assets have made better returns than Bitcoin, and many of them focus on defi. Polkadot (DOT) led the way this week, up 19.6%, and those gains were followed by Polygons (MATIC) percentage gains of 19.4%. Other strong winners that outperformed Bitcoin were Binance Coin (BNB), Stacks (STX), and Star (XLM).
Total value locked in Defi adds $ 22 billion in 2 weeks
Two weeks ago, on October 5th, the Total-Value Locked (TVL) in Defi exceeded $ 200 billion and today statistics from defillama.com show the TVL is at $ 222 billion. The decentralized exchange platform (Dex) Curve holds the greatest dominance with 7.72% of the TVL in the definition. Curve is followed by Aave, Makerdao and Wrapped Bitcoin in terms of Defi dominance on October 18th.
Ethereum captures $ 152.27 billion of the total TVL in Defi and the Binance Smart Chain (BSC) holds $ 19.22 billion. Blockchains that have seen a significant increase in TVL in Defi include networks like Solana, Terra, and Avalanche. While Avalanche saw a 31.24% TVL gain, Harmony’s TVL rose 24% over the past week.
Monthly spike in non-fungible token sales, Opensea approaches $ 10 billion in all-time NFT sales
Metrics from nonfungible.com’s 30-day market history show that NFT sales rose sharply on October 5th and continued to grow. NFT revenue posted last month was approximately $ 1.836 billion from 174,529 active market wallets.
Statistics from Dune Analytics show that the total transaction volume for NFTs measured in ETH is around 3,886,298 ethers, or $ 11.1 billion at today’s exchange rates, for 5.9 million transactions.
Additionally, data from dappradar.com shows that the NFT marketplace Opensea is approaching all-time sales of $ 10 billion and is currently trading at $ 9.19 billion. Axie Infinity was $ 2.61 billion and the Rarible NFT marketplace had sales of $ 230.76 million.
Polygon, Binance Smart Chain addresses all-time highs, Dex trading volume remains flat, while sushi swap volume has “risen sharply”
In addition, statistics from Coin98 Analytics’ weekly defi report show that the number of active BSC addresses has reached an all-time high. However, the Polygon (MATIC) network outperformed BSC in terms of the amount of wallets created in the chain.
“It has also hit the ATH of 100 million wallets,” Coin98 Analytics said in its report. “The number of Ethereum wallets is unchanged compared to last week.”
The weekly report also discusses defi’s liquidity by log, weekly trading volume on the Dex platform and daily active Dex users. The report highlights that while Dex’s trading volume has not grown much, it has maintained $ 20 billion to $ 22 billion every month. However, Coin98 Analytics stated that sushi swap volume “has increased sharply, reaching US $ 2.7 billion”.
What do you think of the Defi-Tokens that outperformed Bitcoin and the TVL surge over the past two weeks? What do you think of the increasing NFT sales volumes and the increase in addresses on Polygon and Binance Smart Chain? Let us know what you think on these topics in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Coin98 Analytics, Nonfungible.com, Defillama.com,
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