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

Solana (SOL) and Moonbirds came to the rescue of the bearish nonfungible token marketplace aft a six-week cooldown phase. 

According to the monthly DappRadar report, the NFT marketplace recorded a multi-month trading measurement precocious of $6.5 billion, surging by 23% from March, breaching the $6 cardinal people lone for the 3rd clip successful its history.

Source: DappRadar

Moonbirds contributed fractional a cardinal worthy of trading measurement portion Solana blockchain recorded astir $300 cardinal successful NFT trades with a 91% month-on-month increase.

Many caller hyped NFT projects besides contributed to the increasing trading volume, particularly Otherdeeds which generated $760 cardinal wrong 24-hours. The occurrence of Otherdeeds turned retired to beryllium bittersweet arsenic it led to precocious state fees of upto 2.5 ETH astatine the clip of minting.

The regular unsocial progressive wallet number interacting with decentralized apps reached 2.36 cardinal successful April, a flimsy 0.2% summation from March. BNB Chain and Wax saw the highest mean of wallets connected with 568,000 and 492,000 regular unsocial progressive wallets.

Related: Opera browser enables nonstop entree to BNB Chain-based DApp ecosystem

While the NFT marketplace made a singular recovery, the full worth locked successful decentralized concern dipped by 12% owed to volatile token prices. However, Terra (LUNA) defied the communal marketplace inclination to registry a 15% surge successful TVL dominance with a full of $30 cardinal locked successful the protocol.

Falling TVL and volatile token prices didn’t bound the DeFi marketplace to proceed its expansion, arsenic the ecosystem registered singular maturation beyond the Ethereum (ETH) blockchain. Ethereum’s TVL dominance declined from 94% a twelvemonth agone to 59% successful April.

Blockchain games continued their dominance successful April contempt large breaches specified arsenic the Ronin span hack. Gaming DApps accounted for 52% of the industry’s unsocial progressive wallets. Major gaming blockchain networks specified arsenic Polygon and BNB besides topped the illustration of on-chain activity.