Decentralized application industry grows by 9.97% in May, reaching an average of 1,967,051 daily unique active wallets, according to DappRadar’s monthly industry report. The growth was attributed to the gaming sector and decentralized finance (DeFi), despite the decline in total value locked.
Gaming Dapps Dominant
The gaming sector claimed 36% of all dapp activity and 711,913 daily unique active wallets, with a growth rate of 5.97% in May. Blockchain gaming dominated with 77% over the transactions of the whole industry, accumulating 550 million transactions.
The unique active DeFi wallets increased by 18% to 607,945, giving the sector a 31% market share. Social dapps had the third-largest sector of the industry, with a 12% dominance, but with a 5% decline in daily unique active wallets for the month.
The report, noting a decline in DeFi total value locked for the month, commented: “Despite the growing hype and increased adoption of DeFi protocols, the TVL presents a contrasting narrative, experiencing a 4.3% decrease, dropping to $79.16 billion.”
BNB Chain Market Leader
BNB Chain leads the market for dapp activity, with an increase of 8.68% reaching 532,056 daily unique active wallets. It is interesting to note that the increase of daily unique active wallets occurred in blockchains offering DeFi products.
Stargate Finance was the most popular dapp for the month in terms of daily unique active wallets, with just over two million, surpassing PancakeSwap following a 40% increase in users in May.
Crypto Market Outlook
Total market capitalization of crypto markets fell by 2% in May. However, markets traded mostly sideways for the month. At the time of writing, the total cap was up 0.9% on the day to $1.18 trillion. BTC had made marginal gains to top $27,000, while ETH was up 1.5% to $1,883
Low volumes and volatility have kept crypto assets range-bound, but on-chain data suggests a breakout is imminent.