November was another chaotic month in crypto land. The fall of FTX once again caused major problems in the market, and this is evident in on-chain activity, according to DappRadar. Crazy enough BNB Chain was hit less hard, partly because of this this protocol was the most active network in November.
BNB Chain holds up
That writes DappRadar in a monthly survey. Amid all the panic, BNB Chain held up well, not showing a drop in daily active wallets (dUAW), but an increase of 1%. The trading volume even increased by 6%. The number of smart contracts on Binance’s own blockchain has shrunk by a modest 3% to $7.95 billion in these contracts.
Solana has been hit harder, which can be explained by the fact that the Solana-built DeFi protocol Serum was closely associated with FTX. As a result, bitcoin (BTC), for example, was for sale on this network for less than $ 2,000. As a result, Total Value Locked (TVL) fell by 71% to just $366 million.
It’s finally here!🎉
Our November Industry Report is now available, and despite the major events that occurred in November, the industry has shown remarkable resilience.Let’s start with a quick summary 👇
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— DappRadar (@DappRadar) December 8, 2022
DeFi is having a tough time
DThe problems at FTX were also clearly visible in the Decentralized Finance (DeFi) sector as a whole. Smart contracts across all platforms combined shrank to about $65 billion in value, down 22% from October. Trading volume in the Non-Fungible Tokens (NFTs) market shrank by more than 17%, and the number of sales by 22%.
The blockchain game that was traded the most Gods Unchained, a card game similar to Heartstone. This game saw nearly 327,000 trades last month with a total trading volume of $18.3 million, though purchases and trading volume are down 61% and 47% respectively.
Axie Infinity was the second most played game. The gaming sector also accounts for 42% of the activity in the dapp industry, so it is certainly not negligible.