DeFi transactions are at their lowest level in years. Meanwhile, NFT transactions hit a record high in Q1.

DeFi transaction volume falls to lowest in years Meanwhile, NFT transactions hit record highs, according to a new DappRadar report.

DeFi products have seen a significant increase in users over the past two years. And although the market has been fading downward in recent months, blockchain analytics platform DappRadar found more than 116 million NFT-related transactions on decentralized applications and marketplaces across all platforms. Blockchain in the first three months of the year That’s a 22% increase from Q4 2021.

Blockchain games accounted for 78% of all blockchain transactions, a 520% ​​increase from last year.

DappRadar says, “We can’t say for sure that more money is being spent on gaming assets,” DappRadar said. “It’s just that more people interact with the game’s DApps.”

As GameFi grows rapidly, reports indicate that “The number of NFT trades on all blockchains was also the highest in Q1 2022, up 153% from last year’s Q1, and NFT market growth is supported by Layer-1 blockchains, that is. Avalanche and Solana as demand for Ethereum NFT has stabilized from the levels recorded in January.”

The growth of the Avalanche and Solana networks is important. Since last year, transaction volume has increased by 10,500% and 9,700%, respectively.

Meanwhile, Ethereum transaction volume fell 58% compared to this time last year, DappRadar wrote in the report.

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