New data from market intelligence firm DappRadar reveals that the total value locked (TVL) in decentralized finance (DeFi) plunged during the month of August.
In its industry report for August 2024, the crypto analytics platform unveils that while last month saw a record number of crypto wallets interacting with decentralized applications (DApps), both the TVL in DeFi and trading volume of non-fungible tokens (NFTs) saw significant dips.
According to DappRadar, the TVL in DeFi dropped by 14% from the previous month while NFT trading volume reached a yearly low. However, DappRadar also found that the number of NFTs being traded increased by 17%.
“DeFi Total Value Locked (TVL) dropped to $144 billion, marking a 14% decline compared to the previous month, in line with broader market trends. However, the DeFi sector remains a top area for investment, accounting for 25% of total funding this month, with $196 million raised….
