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Saturday, June 8, 2024
HomeCryptoTVL DeFi reaches $192 billion for the first time in 15 months

TVL DeFi reaches $192 billion for the first time in 15 months

Despite the sharp increase in total value locked (TVL) in the DeFi sector, the number of daily users (UAW) has decreased, indicating a shrinking of the user base. DappRadar said UAW dropped 21% to 1.75 million during the month, equivalent to a 17% drop across all Web3 apps. Part of the TVL increase can be attributed to short-term speculation about the establishment of an Ethereum exchange-traded fund.

Meanwhile, DefiLlama noted the 24-hour trading volume of decentralized exchanges increased from $1.7 billion to $5.1 billion from October 2023 to June 2024, which could lead to Higher returns for liquidity providers and lenders in DeFi.

Decentralized exchange volume from October 2023 to June 7, 2024. Source: DeFi Llama
Decentralized exchange volume from October 2023 to June 7, 2024. Source: DeFi Llama

The report asserts that while the DeFi sector recorded a decline in daily active users (UAW), other sectors of the Web3 market still attracted user interest. The gaming sector has more than 3 million active users, up 7.5% month over month. The number of non-fungible token (NFT) marketplace users increased 11%, reaching 1.52 million UAW, and social media app Web3 reached 1.92 million UAW, an increase of 29%.

Web3’s total UAW count now reaches 10.4 million, compared to 7 million in Q1 2024 and 4.3 million in 2023. Despite the steady growth, some experts note that integration is still facing difficulties and this could limit future growth of the industry if not remedied.

Read more: Base continues to reach the 4 billion TVL mark, far surpassing Optimism and Blast

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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