Increase in DeFi Sector’s Market Share
In November, the decentralized finance (DeFi) sector’s share of the cryptocurrency market rose by 18% compared to the previous month. This growth was driven by projects like THORChain, PancakeSwap, Uniswap, and Synthetix.
NFT Trading Volumes Surge
Non-fungible tokens (NFTs) also saw a positive trend in November, with trading volumes increasing by 200% according to Binance Research.
Growth in Value Locked in DeFi Protocols
The value locked (TVL) in DeFi protocols has been steadily increasing throughout the year. Since the start of 2023, there has been a 25% increase, with a 14% increase in November alone. The TVL figure is expected to surpass $50 billion.
Ethereum Dominates the DeFi Space
Ethereum (ETH) remains the dominant blockchain in the DeFi space, accounting for over 56% of the total TVL. Tron (TRX) and BNB Chain (BNB) hold the second and third positions with 16% and 6% shares respectively.
Liquid Staking Takes the Lead
Liquid staking emerged as the largest category this year, reaching $27 billion. The majority of this amount came from the Lido Finance protocol, which contributed $20 billion. Analysts attribute this growth to the Shanghai update.
Rise in Cryptocurrency Market Capitalization
With the recent surge in Bitcoin’s price, the entire cryptocurrency market has experienced significant growth. The market capitalization increased from $1.28 trillion at the beginning of November to $1.43 trillion at the end of the month. In December, it surpassed $1.6 trillion.
Hot Take: DeFi and NFTs Thrive in November
In November, both the DeFi sector and NFTs saw notable growth. The DeFi sector’s market share increased by 18%, driven by projects like THORChain, PancakeSwap, Uniswap, and Synthetix. NFT trading volumes also surged by 200%. This positive trend highlights the growing popularity and adoption of decentralized finance and non-fungible tokens within the cryptocurrency market. As we enter a new year, it will be interesting to see how these sectors continue to evolve and shape the future of the crypto industry.
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