In the third quarter of 2022, the crypto ecosystem began to show signs of a rebound after a year-long battle to stave off the market bears.
DappRadar BNB Chain Report for Q3 reported that DeFi exhibits indications of recovery with a 28.67% growth from Q2. With a TVL of $7.6 billion, the chain has maintained its position as the second-largest DeFi chain after Ethereum this quarter.
Although DeFi reached new heights last year, the segment’s year-over-year performance is still impacted by the Terra crash earlier this year. When compared to Q3 of 2021, it fell by 93%.
There are around 300 dapps in the expanding DeFi ecosystem of the BNB Chain. Approximately 68.2% ($4.1B) of TVL belongs to PancakeSwap, the most prominent DeFi dapp on the chain.
Additionally, Venus, with a 16.3% ($995M) market share, and Alpaca Finance, with an 8.7% ($530M) market share, are the next two. BiSwap and Tranchess grab the remaining two positions, with 5.4% ($328M) and 1.5% ($89M), respectively, of the market.
Moreover, the trading volume for BNB NFTs has been significantly impacted by the devaluation of the BNB coin. The Chain’s NFT trading volume is down 84% ($14.8M) from the previous quarter but is still up 232% from Q3 2021. However, this sales figure was down 30% from Q2 due to slowing demand compared to last year, when it was up 700%.
BNB Chain Is Among The Most Active Blockchain
BNB Chain overtook WAX in the third quarter of 2022 and now has the most average daily Unique Active Wallets (UAWs). The chain attained 427,134 UAW, which is an 8% decline from Q2 levels. In comparison to Q3 of 2021, there has been a 34% reduction in annual performance.
Moreover, with 215,405 average daily UAWs, DeFi continued to be the most popular vertical on BNB Chain in the third quarter. Games come in second in this product category with 116,210 UAW, while NFTs continue to represent a very tiny percentage with only 6,732 UAW.
However, the DeFi and NFT categories have declined by 28% and 38% respectively from the previous quarter. The only category that saw a rise of 2% was games. The performance has been consistent year over year. DeFi has dropped by 47%, NFT by 68.78%, and game-related UAWs have fallen by 33%.
Compared to Q2 of last year, Era7 Games of Truth has grown by about 200% this quarter. With 21,327 average daily UAWs in Q3 2022, up 62% from Q2, X World Games is in second position. Following that, Tiny World had an 814% increase, which also happened to be its finest quarter. During the third quarter of 2022, Tiny World produced 11,364 daily UAWs.