In last three months, the BNB Chain DeFi ecosystem has recovered about one-third of its lost momentum. On the DeFi front, BNB Chain fell 93% from Q3 of 2021 to Q3 of 2022, but has since shown indications of gradual recovery.
parts of the crypto ecosystem began to show signs of recovery in the third quarter of 2022.
The third quarter data from BNB Chain indicates significant growth in crypto trading volumes and decentralised finance (DeFi), but a downturn in nonfungible token (NFT) trading.
As per the DappRadar BNB Chain Q3 Report, BNB Chain is the second largest DeFi blockchain behind Ethereum, with a Total Value Locked (TVL) of $7.6 billion.
On the DeFi front, BNB Chain fell 93% from Q3 of 2021 to Q3 of 2022, but has since shown indications of gradual recovery. The TVL of $7.6 billion represents a 28.67% increase over the Q2 performance of BNB Chain. The blockchain also accounts for 36.6% of the market share for GameFi ecosystems, with Ethereum accounting for 20.2% and Polygon accounting for 11.8%.
PancakeSwap, Venus, and Alpaca Finance are among the most popular of the more than 300 DeFi decentralised apps (DApps) hosted on BNB Chain.
The report highlighted that the BNB chain owes its relative success to the performance of PancakeSwap, which accounts for 68.2% or $4.1 billion in TVL, followed by Venus at 16.3% ($995 million) and Alpaca Finance at 8.7% ($530 million).
NFT trade volumes continue to fall, with BNB Chain dropping over 33% this year, from $276,000 in Q1 to $185,000 in Q3. As per the report , the number of unique traders fell by 45% in just three months.
While the metrics in the DappRadar report show overall positive trend for the quarter, they also highlight the necessity for crypto projects to achieve long-term success.
Read also: BINANCE PRICE ANALYSIS CMP-$321: BNB Triple top formed. What comes next?
