DeFi TVL Surges 3.5% in July as NFT Market Faces Decline, Solana (SOL) Shines

In July, the total value locked (TVL) in decentralized finance (DeFi) surged by 3.5%, marking a significant milestone for the sector.

The total value locked (TVL) in decentralized finance (DeFi) surged by 3.5% in July, reaching a new milestone. According to a report by Binance Research Institute, some notable performers included CORE, which saw a staggering 121.2% gain, followed by Scroll with 66.0%, and Mantle with 30.9%.

This growth was driven by several factors, including improved user experience, increased liquidity, and the rising popularity of meme coin trading. Additionally, the prediction platform Polymarket saw trading volumes hit all-time highs, with over $387 million traded in July, a 614% increase compared to January.

However, the NFT marketplace experienced a downturn despite the overall growth in the crypto market. Sales dropped by 7.14% to $400 million. DMarket led the market with $16.2 million in sales, followed by DogeZuki on Solana with $13.9 million.

While Solana collectibles, including Solana Monkey Business and Retardio Cousins, saw notable sales growth, prominent Ethereum and top Ordinals collectibles suffered significant declines.

The crypto market saw a 6.1% increase in total market capitalization, largely driven by several positive developments. The German government completed the offloading of 50,000 BTC to centralized exchanges, easing market fears.

Furthermore, the U.S. Securities and Exchange Commission (SEC) approved the S-1 filing for nine spot Ethereum ETFs, which began trading on July 23. At the Bitcoin Conference 2024, former President Donald Trump announced his intention to establish a strategic BTC reserve if re-elected, aiming to make the U.S. the world’s crypto capital.

Solana (SOL) emerged as a standout performer in July, achieving a remarkable 30.5% price increase. This surge was largely driven by a 42.2% month-on-month growth in decentralized exchange (DEX) trading volumes, reaching $54.6 billion, primarily fueled by memecoin trading.

The average number of daily active addresses on Solana hit a record 1.7 million, and daily transactions grew by 18.2% to 1.3 million.

The overall positive vibe surrounding the ecosystem was enhanced by various advancements in the DeFi market, such as the launch of Jito restaking and the unveiling of Drift prediction markets. Solana’s ecosystem continued to grow, attracting both individual and institutional interest.

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