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May’s report from DappRadar reveals a striking $192 billion total value locked in decentralized finance (DeFi) applications, marking a significant high since February 2022. Dominated by Ethereum with a $130 billion share, the DeFi sector saw a 17% increase in the U.S. dollar value of cryptocurrencies, mainly driven by rising Ether and token prices. Despite a 21% drop in unique active wallets, the uptick indicates a robust investment influx, primarily speculative due to talks of an Ethereum ETF.
Transaction volumes on decentralized exchanges leaped from $1.7 billion to $5.1 billion from October last year to June this year, enhancing yields for liquidity providers. This surge is aligned with periods of heightened discussion around Bitcoin and Ethereum ETFs, suggesting a favorable market reaction.
While daily active users in DeFi waned, other Web3 sectors including gaming and NFT marketplaces saw user growth. This overall expansion of Web3 users, despite challenges in user onboarding, underscores a growing confidence in blockchain technologies, potentially buoyed by the anticipation of new ETFs.
