The industry experienced a mixed performance in May, with DeFi seeing a decrease in total value locked (TVL) but an increase in its share of on-chain activity. The dApp industry grew, while blockchains, except for Tron, regressed in TVL.
According to the latest DappRadar report, the crypto industry had a mixed bag in May, with different parts of the industry simultaneously progressing and taking steps back.
Blockchain TVL Regresses
The total value locked (TVL) in DeFi protocols—or the funds being used in them—saw a 4.3% decrease in May, slipping to $79.16 billion USD. However, DeFi’s share of on-chain activity rose to 31%. So even though more users are taking advantage of its protocols, they’re playing with less collectively.
It wasn’t all bad, though. The dApp industry grew by 9.97% in May, reaching an average of 1,967,051 daily unique active wallets (dUAW), reflecting a steady increase in web3 interest.
Regression was the key takeaway for blockchains in May, as TVL dropped almost across the board. One exception in the report was TRON, which grew a little under 1% over the month.
The biggest loser in this time period was Fantom (FTM). Its TVL dropped by 37% to $308 million due to its association with the Multichain turmoil ca
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Author: Josh Adams
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