Despite the crisis in the sector, caused by the fall of FTX, the DeFi sector remains stable and gains traction.
Data on the DAppRadar chain shows that despite the crisis caused by the FTX crash, The decentralized finance (DeFi) sector remains stable, and even shows signs of recovery, with user activity close to the numbers of previous months.
However, centralized exchanges and services are the ones that have been most affected by the current situation. This is due to the Lack of confidence of users and investors, who fear a large-scale contagion, after several projects have announced a pause in withdrawals of the users.
The state of the DeFi sector after the fall of FTX
El waterfall effect The fall of FTX has also affected the DeFi sector which has lost (in general) a 20% of its total value locked (TVL), falling from $83.000 billion to just over $65.000 billion so far this month.
In this sense, Ethereum, which usually leads the decentralized finance market, has lost 14% of its TVL since November 1.
BNB has also seen its TVL drop by 14%, falling to 7.300 million. For its part, the total value locked in the Tron network ha dropped to $4.600 billion, 25% less than what it had at the beginning of the month.
Other blockchains like Polygon, Arbitrum or Avalanche have also seen their total value locked fall by 8,76%, 10,26% and 25,06% respectively.
However, the blockchain that has lost the most in the DeFi space has been Solana, which has seen its TVL reduced by almost 65%, falling to $585 million.
On the other hand, Ethereum staking returns on Lido have increased by more than 10%, reaching an all-time high. However, market volatility has caused stETH to become slightly decoupled from ETH.
Good news in the DeFi ecosystem
Despite drops in the total value locked of most networks, the number of active unique addresses has reached an average of 1,9 million, 11,67% less than at the beginning of November.
Moreover, The total number of transactions has decreased by only 0,28%, which shows that the sector remains strong.
In fact, on November 9 and 10, the number of active unique addresses reached a peak of 500.000, coinciding with the collapse of FTX, which points to users starting to migrate their funds to DEXs.
FTX and Web3 Blockchains
On the other hand, DAppRadar data shows that the FTX crash had little to no effect on Web3 gaming-focused blockchains such as Hive, EOS, Ronin, Wax or IMX, which have maintained the number of unique active addresses.
