Regulatory Heat Intensifies in the Crypto Industry
The regulatory pressure on the crypto industry has intensified in the previous quarter, affecting sectors like DeFi and NFT. However, the blockchain gaming sector remains resilient amidst the turmoil.
Key Points:
– The gaming category continues to dominate the decentralized applications (dApp) market, commanding 37%.
– Daily Unique Active Wallets (dUAW) engaging with dapps on-chain increased by nearly 8% from Q1, indicating market recovery.
– DeFi’s dominance increased from 23% to 32% due to meme coin hype and L2 airdrops hunters, but TVL plummeted by over 7% to $77.6 billion.
– Ethereum saw a marginal 2% decline, while BNB and Polygon suffered significant drops in TVL following regulatory actions.
– The NFT market experienced a 38% decline in trading volume, but this doesn’t signify a decrease in market interest or activity.
Hot Take:
Despite the regulatory challenges, the blockchain gaming sector remains strong, while DeFi and NFT face setbacks. The industry shows signs of recovery with increased user engagement, but regulatory pressures will continue to shape its trajectory.
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