The NFT Space Grew Over 700% While DeFi TVL Rose Over 50% in Q3 2021, Reveals Latest DappRadar Report

The latest DappRadar report is out, and once again, the blockchain and crypto space continues to show massive growth with overall growth of the industry at over 25% quarter-over-quarter (QoQ) and over 500% YoY.

In September 2021 alone, over 1.7 million unique active wallets (UAW) connected to decentralized applications (dapps) while the play-to-earn movement continued to experience massive growth at over 140% QoQ.

The NFT space saw an increase of over 700% QoQ having generated over $10 billion in trading volume.


SEE ALSONFTs User Wallets Grew by Over 200%, Says August 2021 Dapp Industry Report


Below are the Q3 2021 report highlights:

  • The blockchain industry grew 25% QoQ reaching 1.54 million daily UAW. This is a 509% YoY growth
  • UAW connecting to game dapps increased over 140%
  • Splinterlands was the most played dapp in the industry with over 1,376% usage growth. The dapp reached over 238,000 UAW in September 2021 alone
  • Axie Infinity became the most traded NFT collection surpassing $2 billion in historical trading volume having surpassed 1.5 million active users and generating over $776 milion in revenues during the quarter
  • PanCakeSwap was the second most used dapp after Axie Infinity with a 39.83% increase QoQ
  • The Binance Smart Chain (BSC) saw an impressive 1,701% growth in daily UAW within the GameFi space
  • The NFT space saw over 704% growth in trading volume translating to over $10.67. This is a 38,060% increase YoY
  • In-game interms generated over $2.3 billion in trading volume representing 22% of the total NFT volume
  • August 2021 was a record-breaking month for the NFT market surpassing $5.2 billion trading volume
  • Ethereum dominated the NFT space at over 77.73% while Ronin accounted for 19.53% of the market
  • Ethereum accounted for 69.72% of the industry’s DeFi metric
  • The total-valued locked (TVL) in DeFi grew by over 53.45% which translates to $178.12 billion
  • BSC was the second largest network in TVL having grown by 9.98% during the quarter
  • Solana was the 3rd largest blockchain with over 1,300% increase in TVL during the quarter
  • Terra was the 4th largest blockchain with over 8.09 billion in TVL which translates to 137% QoQ growth

Q3 2021 had a major milestone with Axie surpassing $2 billion in all-time trading volume, becoming the first dapp to reach that number. Compare this with the closest collection of CryptoPunks which lags by $800 million behind.

Splinterlands, another successful game during the quarter, is one of the dapps that sustains an entire blockchain, representing 95.6% of the Hive blockchain’s traffic. This is also the case with Upland on EOS and to a lesser extent, Alien Worlds on WAX.

BSC games are also all the rage. Among the most popular games on BSC are CryptoBlades and Mobox.

The NFT space is experiencing a complete evolution with renowned celebrities joining these exclusive communities further strengthening the social outlook of the NFT space.

NFT have also merged with blockchain games allowing a true sense of ownership with in-game items generating over $2.3 bilion trading volume during the quarter – 22% of the total NFT volume.

Solana also emerged as a DeFi powerhouse to become the 3rd largest blockchain in Q3 2021. With only 2 out of the top 20 DeFi dapps in Solana by TVL being multichain, the case for Solana grows stronger. 3 DeFi dapps on Solana are well above th e$1 billion mark in TVL.

At the same time, Terra, the 4th largest blockchain during the quarter is home to 4 dapps that hold more than $1 bilion in TVL. Terra also hosts one of hte most-traded stablecoins in DeFi, the Terra USDT (UST).

Ethereum however remains unmatched as the incumbent blockchain dominating at 70% of the DeFi space. At the same time, dapps on the protocol continue to hold and grow their value. Notably Aave grew by 44% and Lido saw over 213% growth during the quarter.


RECOMMENDED READINGThe Blockchain Industry Saw a 639% Growth YoY and 2,627% Growth in NFTs in Q1, 2021 vs Q4, 2020, According to Latest Report


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