October has been a strong month for cryptocurrencies like bitcoin but a number of decentralized finance (defi) tokens have seen higher double-digit gains this past week. Additionally, sales of non-fungible tokens (NFTs) resumed and after the Locked-In Total Value (TVL) in challenge crossed $ 200 billion on October 5, two weeks later, an additional $ 22 billion was added to the TVL.
Defi Network Tokens Polkadot, Polygon, Binance Coin, Stacks Outperform Bitcoin’s Weekly Gains
Bitcoin (BTC) has been doing extremely well and BTC dominance has increased to 45.3% during the last week. However, a decent amount of challenge tokens from specific blockchain networks have outperformed BTC over the past week.
In fact, out of all the crypto assets in existence today, nine different digital assets saw better gains than bitcoin and a great deal of them are focused on defi. Polkadot (DOT) was the leader this week with a 19.6% increase and those gains were followed by Polygon Percentage Gains (MATIC) of 19.4%. Other strong gainers that outperformed bitcoin included binance coin (BNB), stacks (STX), and stellar (XLM).
Total value stuck in Defi sees $ 22 billion added in 2 weeks
Two weeks ago, on October 5, the Total Locked-In Value (TVL) in challenge surpassed $ 200 billion and today statistics from defillama.com show the TVL at $ 222 billion. The decentralized exchange (dex) platform Curve holds the largest dominance with 7.72% of the TVL in defi. Curve is followed by Aave, Makerdao and Wrapped Bitcoin in terms of challenge dominance on October 18.
Ethereum captures $152.27 billion of the total TVL in defi and the Binance Smart Chain (BSC) commands $19.22 billion. Blockchains that have seen significant increases in TVL in challenge include networks like Solana, Terra and Avalanche. While Avalanche saw a 31.24% TVL gain, Harmony’s TVL increased by 24% during the last week.
Monthly increase in non-fungible token sales, Opensea nears $ 10 billion in all-time NFT sales
Nonfungible.com’s 30-day market history metrics indicate that NFT’s sales increased significantly on October 5 and continued to rise. NFT sales recorded during the last month were around $1.836 billion across 174,529 active market wallets.
Statistics from Dune Analytics show that the total trading volume for NFTs measured in ETH, out of 5.9 million trades, is approximately 3,886,298 ethers or $ 11.1 billion using the exchange rates of today.
Moreover, dappradar.com data shows that the NFT marketplace Opensea is nearing $10 billion in all-time sales and currently has $9.19 billion recorded so far. Axie Infinity has $ 2.61 billion and the NFT Rarible market has recorded $ 230.76 million in all-time sales.
Polygon, Binance Smart Chain Addresses Tap All-Time Highs, Dex Trade Volume Remains Flat While Sushiswap Volume ‘Increased Sharply’
Additionally, statistics recorded by Coin98 Analytics weekly defi report indicates that the number of BSC active addresses reached an all-time high. However, the Polygon Network (MATIC) has overtaken BSC when it comes to the amount of wallets created on the chain.
“It also reached the ATH of 100 million wallets,” Coin98 Analytics said in its report. “The number of Ethereum wallets has remained unchanged from last week.”
The weekly report also covers challenge liquidity by protocol, weekly dex platform trading volume and daily active dex users. The report highlights that while dex trade volume has not grown much, it maintained $20 to $22 billion each month. Coin98 Analytics, however, detailed that Sushiswap’s volume “rose sharply, reaching $ 2.7 billion.”
