DeFi Lockup Volume Reaches $83.3 Billion in Q1 2023: A Look at the Latest Dapprader Report

03/31/2023 18:49 • NFT Newsflash • 117 views

According to reports, according to Dapprader’s latest DeFi report, in the first quarter of 2023, the DeFi lockup volume reached $83.3 billion, a 37% month-on-month increase. Among them, the Arbitrum chain lockup volume increased by 118%, reaching $3.2 billion at the end of this quarter, while GMX accounted for more than 80% of the Arbitrum chain lockup volume. Airborne drops of Arbitrum tokens have pushed the number of transactions on the blockchain to a record 2.7 million, surpassing Ethereum and Optimism. In addition, the average daily active wallet volume of Arbitrum increased by 125%, and BNB Chain had approximately 440000 daily active wallets this quarter, a decrease of 28% compared to the previous quarter.

Data: In Q1 2023, the lockup volume of DeFi reached US $83.3 billion, with a year-on-year increase of 37%

Introduction

The latest DeFi report by Dapprader has revealed some promising statistics concerning the growth of the decentralized finance market. According to the report, the DeFi lockup volume reached a record $83.3 billion in the first quarter of 2023, marking a 37% month-on-month increase.

Lockup Volume on the Arbitrum Chain

One of the most noteworthy findings from the report is that the lockup volume on the Arbitrum chain experienced an impressive surge. Specifically, the lockup volume increased by 118% in Q1 2023, reaching $3.2 billion. Moreover, GMX accounted for more than 80% of the Arbitrum chain lockup volume.

Airborne Drops of Arbitrum Tokens

Another factor that contributed to the remarkable growth of the Arbitrum chain was the airborne drops of Arbitrum tokens. This resulted in a record-breaking 2.7 million transactions on the blockchain, surpassing Ethereum and Optimism.

Average Daily Active Wallet Volume

In addition, the average daily active wallet volume of Arbitrum increased by 125%. Meanwhile, BNB Chain had approximately 440,000 daily active wallets this quarter, which was a 28% decrease compared to the previous quarter.

The Implications of DeFi’s Rising Lockup Volume

The rise of DeFi lockup volume has significant implications for the decentralized finance industry. It demonstrates that more people are becoming comfortable with the idea of staking their cryptocurrency in DeFi protocols. This trend could lead to more users adopting DeFi, which may eventually lead to the mainstreaming of blockchain technology.

Conclusion

Overall, the latest Dapprader report on DeFi’s rising lockup volume presents a very optimistic outlook for the future of the DeFi market. With increasing lockup volume on the Arbitrum chain and the growing popularity of DeFi protocols, the industry is poised for major growth in the coming years.

FAQs

1. What is lockup volume in DeFi?
Lockup volume refers to the amount of cryptocurrency staked in DeFi protocols.
2. Why is the rise of DeFi lockup volume significant?
The rise in lockup volume demonstrates that more people are becoming comfortable with DeFi protocols, which could lead to more adoption and mainstreaming of blockchain technology.
3. What is Arbitrum?
Arbitrum is a layer 2 scaling solution for Ethereum that aims to improve transaction speeds and reduce gas fees.

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