DeFi Lockup Volume Reaches $83.3 Billion in Q1 2023: Dapprader Report

According to reports, according to Dapprader’s latest DeFi report, in the first quarter of 2023, the DeFi lockup volume reached $83.3 billion, a 37% month-on-month increase. Among them, the Arbitrum chain lockup volume increased by 118%, reaching $3.2 billion at the end of this quarter, while GMX accounted for more than 80% of the Arbitrum chain lockup volume. Airborne drops of Arbitrum tokens have pushed the number of transactions on the blockchain to a record 2.7 million, surpassing Ethereum and Optimism. In addition, the average daily active wallet volume of Arbitrum increased by 125%, and BNB Chain had approximately 440000 daily active wallets this quarter, a decrease of 28% compared to the previous quarter.

Data: In Q1 2023, the lockup volume of DeFi reached US $83.3 billion, with a year-on-year increase of 37%

In a latest report by Dapprader, it has been revealed that the lockup volume of Decentralized Finance (DeFi) reached a staggering $83.3 billion in the first quarter of 2023, which was a 37% increase from the previous month. The report also highlighted that the Arbitrum chain lockup volume saw an impressive 118% increase, reaching $3.2 billion by the end of Q1 2023.

Arbitrum Chain Lockup Volume Surges

Arbitrum is a Layer 2 scaling solution for Ethereum blockchain, offering faster and cheaper transactions. The report showed that Arbitrum’s lockup volume is growing exponentially due to the increasing adoption of decentralized applications (dApps) on the platform. The number of transactions on the Arbitrum blockchain hit a record 2.7 million due to the airborne drops of Arbitrum tokens.

GMX Holds More Than 80% of Arbitrum Chain Lockup Volume

In the Dapprader report, it was revealed that GMX held more than 80% of the Arbitrum chain lockup volume. GMX is the native token of GMX Swap, a decentralized exchange built on the Arbitrum chain. The exchange has been gaining popularity for its user-friendly interface and low transaction fees.

Daily Active Wallet Volume of Arbitrum Increases by 125%

According to the Dapprader report, the average daily active wallet volume of Arbitrum increased by 125% in Q1 2023. This growth can be attributed to the increasing investment in the DeFi space and the adoption of dApps built on the Arbitrum chain. The report also showed that Binance Smart Chain (BNB) had approximately 440,000 daily active wallets this quarter, which was a decrease of 28% compared to the previous quarter.

Conclusion

The DeFi space is rapidly growing, and the Dapprader report shows that the lockup volume of DeFi has reached an all-time high. With the increasing adoption of dApps built on the Arbitrum chain, it is expected that the lockup volume will continue to grow in the coming quarters. The growth of GMX and the increasing number of transactions on the Arbitrum blockchain show that there is a huge potential for growth in the decentralized exchange market.

FAQs

Q. What is DeFi?
A. DeFi refers to decentralized finance, which is a term used to describe the use of blockchain technology and decentralized networks to offer financial services that are accessible to anyone.
Q. What is Arbitrum?
A. Arbitrum is a Layer 2 scaling solution for Ethereum blockchain, which offers faster and cheaper transactions. It is an important player in the DeFi space.
Q. What is GMX Swap?
A. GMX Swap is a decentralized exchange built on the Arbitrum chain, which offers a user-friendly interface and low transaction fees.