Research by DappRadar has shown that DeFi and NFTs have really experienced an amazing level of growth during this year.
“Although the value flows to some extent from DeFi to NFTs, it appears that both categories are generating value independently.”
DappRadar has reported a TVL of $114.8 billion – this represents an increase of 936% since the same time a year ago. The TVL of the industry increased by 75% between July 23rd and September 5th and reached a peak of $195 billion across all chains.
“Whilst TVL is one of the most important metrics to assess the current state of Decentralized Finance, it is not a metric to understand value flow movement. The TVL is completely dependent on the underlying asset, thus, providing a false optic from the value perspective.”
68% of all the collateral locked in DeFi is based on Ethereum.
When it comes to NFTs, OpenSea is the dominant one – 99.7% of its trades take place on Ethereum.
“All in all, it appears that the value in DeFi is growing constantly, whilst NFTs were able to generate a major value flow in August.”