Decentralized finance (DeFi) passed gaming last month to become the top sector in the decentralized app (DApp) space, according to a new analysis from the market intelligence firm DappRadar.
DappRadar notes that DeFi now accounts for 34.5% of overall DApp activity, compared to 24.5% for gaming and 17.7% for non-fungible tokens (NFTs).
[adinserter block="1"]“In a notable shift, the gaming sector has lost its leading position within the DApp industry, now outpaced by DeFi. This rise in DeFi usage reflects not only October’s market activity but also highlights the impact of the U.S. elections in early November, which contributed to a surge in trading, particularly around meme coins.”
DappRadar notes DeFi clocked 7.4 million average daily unique active wallets (dUAW) in October, making it the most dominant sector in the DApp space for the first time since early 2019. The firm also says social and artificial intelligence (AI)-focused DApps witnessed less interest last month, “hinting at the start of a new industry cycle.”
Additionally, total value locked (TVL) in DeFi surged by 3.5% in October, reaching $165 billion. TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.
The sector also raised $100 million last month, which DappRadar says underscores “strong market confidence.”
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