We reported on it in the aftermath of last month’s FTX fiasco; the positive reaction that decentralized finance (DeFi) showed to the demise of crypto exchange FTX. A monthly research from DappRadar concludes this and more.
DeFi activity is on the rise
November, perhaps one of the grimmest months in the history of the crypto industry, saw interest in DeFi only minimally decline. The number of daily active users increased by 21% compared to last month. The collapse of FTX significantly eroded confidence in centralized exchanges. The growing interest in decentralized protocols is therefore no surprise.
DappRadar’s research also took a look at the number of active users of different blockchain protocols. The blockchain with by far the most active users, the Binance chain, did not see any major changes in the number of users. What stood out was a positive turnaround in the number of active addresses for Ethereum (ETH). In a negative sense, Solana stood out. The number of active addresses decreased by no less than 65 percent.
NFTs suffer
In addition, the NFT sector is only a shadow of what it used to be. Interest in NFTs has been in a merciless free-fall since the beginning of the year, and the fall is far from over. In November, NFT trading volume fell 17 percent to $546 million, the lowest level this year.
However, NFTs are still anything but worthless. The most expensive NFT sold in November was an ‘Ape’ from the Bored Ape Yacht Club collection. The copy was sold for 780 ethereum, worth about 975 thousand dollars. For comparison; the most expensive NFT ever sold for over $69 million.
The global economy has suffered this year. The crypto industry, a relatively young industry, is also not spared. But despite the disappointing figures, there are bright spots in crypto land and the sector remains active; in users and in development.