Crypto locked in DeFi apps surged 17% in May, reaching $192 billion, the highest since February 2022. This increase was driven by rising ETH prices and more trading activity.
Ethereum led with $130 billion TVL (68%), followed by Solana with $10.9 billion (5.7%). Despite this growth, unique active wallets (UAW) in DeFi dropped by 21% to 1.75 million.
DappRadar attributes the TVL rise to speculation around a potential Ethereum ETF. Meanwhile, 24-hour trade volumes on decentralized exchanges jumped from $1.7 billion to $5.1 billion between October 2023 and June 2024.
Other Web3 sectors saw user growth: gaming had over 3 million active users (up 7.5%), NFT marketplaces grew by 11% to 1.52 million UAW, and Web3 social media apps increased by 29% to 1.92 million UAW.
The total number of Web3 UAW reached 10.4 million as of June 6, up from 7 million in Q1 2024 and 4.3 million in 2023. However, experts warn that complex onboarding processes could limit future growth.
