May 2021 was indeed an eventful month for the crypto space that saw both bitcoin and ethereum dip by more than 40%.
Depite this however, the DeFi ecosystem remained strong as dapps continued to work as designed with UniSwap continuing to dominate in enabling on-chain activity on Ethereum.
UPCOMING WEBINAR – JUNE 19, 2021
Below are key takeaways on DeFi for May 2021:
- Over 1 million unique user wallets connected with a blockchain – BSC and WAX protocols accounted for over 80% of these signups
- Binance Smart Chain (BSC) was the leading blockchain with over 417, 000 unique active wallets
- UniSwap was responsible for approximately 90% of all on-chain activity on Ethereum
- PanCakeSwap was the leading dapp with over 350, 000 daily unique active wallets
- Over 480 new dapps were launched across the different protocols – the most new dapps belonged to the DeFi category
- 80% of the total value locked was on the Ethereum DeFi ecosystem at $65 billion
- BSC total value locked decreased by 50% following the Venus dapp liquidation
- Polygon grew 4x to 36, 000 unique active wallets – became 5th largest protocol
- Polygon saw over 1, 102% growth in total value locked to around $5.7 billion – the best month so far for Polygon
- The NFT marketplace saw a 5% dip in sales to reach $350 million – the second month in NFT dip in a row
- The crypto crash resulted in total value locked across Ethereum, BSC, and Polygon dropping to about $80 billion down from $115 billion right before the crash
- Despite a 21% decrease, CryptoPunks was still the largest dapp on Ethereum with $69 million in trading volume
RECOMMENDED READING: Emerging Markets Like Africa Made Up Only 10% of the DeFi Traffic in February 2021
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