Follow report by Nansen, a cryptocurrency and blockchain statistics and analytics platform, decentralized finance (DeFi) has seen significant growth in 2021. The report highlights how DeFi continues to grow, opening many areas for the chain of new participants. Additionally, NFT tokens have also had a notable year with the proliferation of new wallets.
Development of DeFi
Nansen, a blockchain analytics firm backed by Coinbase Ventures and a16z, presented a behavioral report on the growth of DeFi and NFT over the past year. The document, titled Nansen’s State of the Cryptocurrency Industry Report 2021, highlights the growth of DeFi and NFT – an important part of the crypto industry as well as industries. This field even attracts celebrities.
The growth of DeFi in 2020 is 1.120% in TVL. While Ethereum ended the year with a 70% dominance in the DeFi sector, the network failed to scale. And this has opened the door for the development of other solutions. Binance Smart Chain (BSC) and Polygon are two of the chains that have surpassed the number of transactions on Ethereum by 1.345% and 760% respectively. Elsewhere, Solana and Avalanche have reached significant levels of network activity.
When it comes to protocol operations, Uniswap and Aave are two of the protocols that have registered significant movements, and Lido, an ETH2 staking protocol, has also seen involvement of ETH whales.
One of the other notable phenomena of the past year has been the resurgence of the NFT market. With projects like Cryptopunks and Bored Yacht Ape Club at the forefront, NFT has attracted the attention of celebrities like Stephen Curry and Jay-Z, who have replaced their social media avatars with images of these NFTs.
The NFT market really thrived in 2021, experiencing two notable highlights over the course of the year. The highest transaction took place around August 29 and reached a turnover of 132,000 ETH worth $422 million. NFT Markets registered to sell 4.6 million ETH worth $17 billion. Nansen also announced the rise of smart money linked to this new market, with the top 10 NFT traders posting profits in excess of $185 million.
The company believes that similar themes will continue to grow and develop in the DeFi market this year. High quality DApps, decentralized stablecoins, government regulation and NFT innovation are some of these themes.
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