Solana and Moonbirds came to the rescue of the non-fungible token bear market in April after a six-week cooling off phase.
According to DappRadar’s monthly report, The NFT market posted a multi-month high trading volume of $6.5 billion in April, up 23% from March and surpassing the $6 billion mark for the third time in its history.
The Moonbirds contributed $500 million in trading volume, while the Solana blockchain recorded nearly $300 million in NFT trades, up 91% month-on-month.
Many of the new NFT projects also contributed to the growing trading volume, especially Otherdeeds, which generated $760 million in 24 hours. The success of Otherdeeds turned out to be bittersweet, leading to hefty gas fees of up to 2.5 Ether (ETH) at the time of minting.
The daily count of active unique wallets interacting with decentralized apps reached 2.36 million in April, a slight increase of 0.2% from March. BNB Chain and Wax recorded the highest average number of connected wallets, with 568,000 and 492,000 daily active unique wallets, respectively.
Although the NFT market recovered remarkably, total value locked in decentralized finance fell 12% due to token price volatility. However, Terra bucked the common market trend to post a 15% rise in TVL dominance, with a total of $30 billion locked in the protocol.
Falling TVLs and token price volatility did not stop the DeFi market from continuing to expand, with the ecosystem posting notable growth beyond the Ethereum blockchain. Ethereum’s TVL dominance dropped from 94% a year ago to 59% in April.
Blockchain gaming continued to dominate in April despite major breaches, such as Axie Infinity’s Ronin bridge hack. Gaming DApps accounted for 52% of unique active wallets in the industry. Major gaming blockchain networks such as Polygon and BNB Chain also topped the chart for on-chain activity.
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