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Sunday, September 10, 2023

DApp Activity Rises 3.7% In August For The First Time Since May: New Finance Redefined

A few tokens in the top 100 scored double-digit gains last week, and the DeFi token finally broke out of a two-week negative price dominance to trade in the green.

Welcome to Finance Redefined, your weekly source for crucial decentralized finance (DeFi) information. This newsletter showed you the most important events from the previous week.

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The number of unique active wallets increased by 3.7% daily in August compared to May, providing some hope for the future of decentralized applications, or DApps.

With little over a week till the Merge, SEBA Bank has started offering institutional Ethereum staking services. On the other hand, layer-2 scalability options anticipate a large reduction in carbon emissions following the Merge.

DApp Activity Rising: Finance Redefined:

Two DeFi protocols targeted concerted flash loan assaults over the previous week. A user gained $371,000 worth of USD Coin (USDC) on Wednesday thanks to a cunning attack that targeted Nereus Finance, an Avalanche-based lending platform. The next day, another similar flash loan assault on Thursday cost New Free DAO, a project focusing on nonfungible tokens (NFT), around $1.25 million.

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After nearly two weeks of overwhelmingly adverse price behavior, the top-100 DeFi coins by market cap had a week of positive price movement. Most of the tokens had double-digit gains, and Luna Classic (LUNC), formerly known as Terra (LUNA), entered the top 30 with more than 100% gains during the previous seven days.

According to a report from DappRadar, DApps showed a minor rebound for the first time as Of may, with the monthly average of personally owned devices wallets (UAWs) climbing 3.7% on a month-over-month basis.

The Flow protocol, which increased by 577% UAW due to Instagram’s backing for its NFTs and the game Solitaire Blitz, was a contributing factor in the increase. However, compared to the prior month, Solana UAW declined by 53% in August, while sales fell by 68%, the data said.

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