Solana and Moonbirds help NFT market reach $6.5B monthly trading volume: Report


Solana (SOL) and Moonbirds came to the rescue of the non-fungible token bear market after a six-week recovery phase.

According to DappRadar’s monthly report, the NFT market posted a multi-month peak trading volume of $6.5 billion, a 23% increase since March, surpassing the $6 billion mark for only the third time in its history. .

Source: DappRadar

Moonbirds contributed $500 million in trading volume, while the Solana blockchain recorded nearly $300 million in NFT trades with a 91% monthly increase.

Many new publicized NFT projects also contributed to the growing trading volume, especially Otherdeeds, which generated $760 million in 24 hours. The success of Otherdeeds turned out to be bittersweet, generating high gas fees of up to 2.5 ETH at the time of minting.

The daily count of unique active wallets interacting with decentralized apps reached 2.36 million in April, a slight increase of 0.2% from March. BNB Chain and Wax saw the highest average number of connected wallets with 568,000 and 492,000 daily unique active wallets.

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While the NFT market rallied remarkably, the total value locked in decentralized finance fell 12% due to token price volatility. However, Terra (LUNA) bucked the common market trend by posting a 15% increase in TVL dominance with a total of $30 billion locked in the protocol.

The drop in TVL and volatile token prices did not force the DeFi market to continue its expansion, as the ecosystem posted notable growth beyond the Ethereum (ETH) blockchain. Ethereum’s TVL dominance dropped from 94% a year ago to 59% in April.

Blockchain gaming continued its dominance in April despite major breaches such as the Ronin bridge hack. Gaming DApps accounted for 52% of unique active wallets in the industry. Major gaming blockchain networks such as Polygon and BNB also topped the on-chain activity chart.