DeFi and NFT Activities Unfazed Despite The Impact Of FTX Bankruptcy

After the collapse of the popular crypto exchange FTX, many people believed that the NFT and DeFi sectors could experience low activity. But according to a recent report by DappRadar, Web3 and NFT have remained resilient.

While centralized services are feeling the heat, decentralized finance (DeFi) is still looking strong. The report revealed that the user-friendly activity in the sector is gradually returning to normal from the previous month.

ETH Staking Yields Surged By More Than 10.6%

The report revealed by Dapp Radar shows that the total value locked (TVL) across the DeFi platforms has declined from $83 billion to $65 billion since the start of November. This represents a 20% reduction.

Additionally, Ethereum’s RVL fell to $41 billion from the $51 billion it had from November 1. This represents a 14% reduction.

The ETH staking yields have also surged by more than 10.6% in Lido, the largest liquid staking service provider of the network. But stETH lost its edge over ETH and is trading at 0.9883 at the time of writing.

BNB’s TVL also had a similar performance as it suffered a 14% drop to $7.3 billion. On a similar note, Tron’s TVL declined by more than 25%, falling from $6.1 billion to $4.6 billion. Arbitrum, Polygon, and Avalanche also had declines of 10.26%, 8.76%, and 25.06%, respectively.

But Solana blockchain remains the biggest loser among all the networks. Its TVL was slashed by 65% from an impressive $1.65 billion to merely $585 million.

DeFi Activity Has Returned To Its Previous Levels In October

The Dapp Radar report also noted that DeFi UAW reached around 500,000 UAW on November 9 and 10, which coincided with the period the FTX unraveled. However, data suggested that DeFi activity has returned to its previous levels in October when it hit 400,000 dUAW.

The report also noted that unique active wallets (UAW) had a decline of 11.6%, reaching an average of 1.9 million dUAW this month. Conversely, the total number of transactions fell by 0.28% to 26 million.

The collapse of the FTX crypto exchange seemed to have little impact on gaming apps, with UAW skyrocketing to 900,000 in the second week of November. In the meantime, activities in gaming chains IMX, Ronin, Wax, Hive, and EOS, have remained unperturbed as no significant fluctuation was recorded.