After a year of struggling to fend off the bears in the market, parts of the crypto ecosystem began to show signs of recovery in the third quarter of 2022 BNB Chain’s Q3 report confirms significant growth in crypto trading volumes and decentralized finance (DeFi), but a drop. in non-fungal token (NFT) trading.
On the DeFi side, BNB Chain has dropped 93% compared to the third quarter of 2021, but has shown continued signs of improvement since then. The $7.6 billion TVL represents a 28.67% increase in BNB Chain’s second-quarter performance. Blockchain also represents 36.6% of the market share for GameFi ecosystems, followed by Ethereum with 20.2% and Polygon (MATIC) with 11.8%.
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“The BNB chain has seen this relative success as the ecosystem represents 68.2%, or $4.1 billion, in TVL, followed by Venus ($995M) 16.3% and Alpaca Finance ($530M) 8.7%. is doing. He owes that to PancakeSwap’s performance.”
The metrics shared in the DappRadar report showed an overall positive move for the quarter while also highlighting the need for crypto projects to achieve sustainable growth.
The idea for DeFi started in Singapore when big finserve DBS Bank decided to implement the technology for Singapore’s central bank.
On November 2, DBS announced that it has begun testing trading foreign exchange (FX) and government securities using authorized or private DeFi liquidity pools.