Bittime - In the latest report from QuickNode, the first quarter of 2024 shows the dominance of decentralized finance (DeFi) and the notable growth of Web3 in the crypto industry. This reflects investor preferences and market sentiment increasingly moving towards DeFi and decentralized gaming ecosystems.
DeFi: A Return of Hope Heads Into a Second 'DeFi Summer'
DeFi experienced a significant resurgence in Q1'24, driven by a surge in developer and user activity on chains such as Solana (SOL) and Base. New concepts such as staking and liquid staking are becoming catalysts for DeFi's growth, with staking now accounting for the majority of DeFi's Total Value Locked (TVL).
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DeFi Transactions and TVL Growth
While stablecoins lead in address activity, DeFi outperformed in transaction count in Q1'24 with an average of nearly 7 million daily transactions. TVL for yield-generating protocols in DeFi rose significantly, signaling the return of confidence and liquidity to the DeFi market.
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Web3 Gaming: Decentralized Gaming Experience
Web3-based games have changed the conventional gaming paradigm by utilizing cryptocurrencies and non-fungible tokens (NFT). This allows players to actively participate in games, earn rewards, and shift control away from centralized entities in the gaming ecosystem.
Also read: What is DeFi?
Web3 Gaming Growth
Web3 games surpassed stablecoins in transaction volume and highest active address growth year-on-year (YoY). The exponential growth of Web3 in-game transactions reflects the increasing interest of players and their active involvement in the decentralized gaming ecosystem.
Stablecoin Attraction and Activity Growth
Stablecoins, especially USDT Tether and USDC Circle, remain the top choices with significant growth in activity. Although stablecoins lead in the number of daily active users, other categories show high activity growth quarter-on-quarter.
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Factors Supporting Stablecoin Growth
The increase in stablecoin user activity in Q1'24 was related to several factors such as the approval of a spot Bitcoin ETF in the US, anticipation of the next Bitcoin Halving event, and the popularity of low-volatility assets. The stability and predictability of stablecoin values is a major attraction for both new and experienced users.
Thus, the first quarter of 2024 provides an interesting picture of the dominant trend of DeFi, the growth of Web3 gaming, and the remaining strong appeal of stablecoins in the ever-expanding crypto ecosystem.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
What is inSure DeFi (SURE)? DeFi Future Protection
What is DeFi on Cryptocurrencies?
What is DeFiChain (DFI)? Blockchain Bringing DeFi to Bitcoin
What is DeFi Summer and 11 DeFi Coins That Will Moonbag
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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