DApp activity increases 3.7% in August for the first time since May: finance redefined

The DeFi token finally broke after two weeks of bearish price dominance to trade in the green, where several top 100 tokens have registered double-digit gains over the past week.
Newsletter
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news – a newsletter designed to bring you significant developments over the past week.

Decentralized applications, or DApps, finally showed a glimmer of recovery in August, with the daily average of unique active wallets up 3.7% from May.

With just under a week to go before the merger, SEBA Bank has opened Ethereum staking services for institutions. On the other hand, Layer 2 scalability solutions expect to see a significant reduction in their carbon emissions after merging.

Last week, two DeFi protocols fell victim to coordinated flash lending attacks. On Wednesday, Avalanche-based lending protocol Nereus Finance fell victim to a slick hack that saw a net user worth $371,000 in USD Coin (USDC) using a smart contract exploit. The following day, Thursday, New Free DAO, a project focused on non-fungible tokens (NFTs), lost nearly $1.25 million in another similar flash loan attack.

The top 100 DeFi tokens by market capitalization finally saw a week of green after nearly two weeks of dominant bearish price action. Most tokens saw double-digit gains, with Luna Classic (LUNC) - formerly Terra (LUNA) - breaking into the top 30 with over 100% gains in the last seven days.
DApp activity increases 3.7% in August for first time since May: report
DApps showed a slight recovery for the first time since May, with the daily average of unique active wallets (UAW) increasing 3.7% month-over-month, according to a report by DappRadar.
The rise was partly due to the Flow protocol, which grew 577% UAW due to Instagram's support of its NFTs and Solitaire Blitz game. On the other hand, Solana UAW fell 53% in August compared to the previous month, while transactions fell 68%, according to the results.

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Crypto Sep 10, 2022 0 68 Add to Reading List

DApp activity increases 3.7% in August for the first time since May: finance redefined

The DeFi token finally broke after two weeks of bearish price dominance to trade in the green, where several top 100 tokens have registered double-digit gains over the past week.

DApp activity rises 3.7% in August for the first time since May: Finance Redefined

Newsletter

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news – a newsletter designed to bring you significant developments over the past week.

Decentralized applications, or DApps, finally showed a glimmer of recovery in August, with the daily average of unique active wallets up 3.7% from May.

With just under a week to go before the merger, SEBA Bank has opened Ethereum staking services for institutions. On the other hand, Layer 2 scalability solutions expect to see a significant reduction in their carbon emissions after merging.

Last week, two DeFi protocols fell victim to coordinated flash lending attacks. On Wednesday, Avalanche-based lending protocol Nereus Finance fell victim to a slick hack that saw a net user worth $371,000 in USD Coin (USDC) using a smart contract exploit. The following day, Thursday, New Free DAO, a project focused on non-fungible tokens (NFTs), lost nearly $1.25 million in another similar flash loan attack.

The top 100 DeFi tokens by market capitalization finally saw a week of green after nearly two weeks of dominant bearish price action. Most tokens saw double-digit gains, with Luna Classic (LUNC) - formerly Terra (LUNA) - breaking into the top 30 with over 100% gains in the last seven days.

DApp activity increases 3.7% in August for first time since May: report

DApps showed a slight recovery for the first time since May, with the daily average of unique active wallets (UAW) increasing 3.7% month-over-month, according to a report by DappRadar.

The rise was partly due to the Flow protocol, which grew 577% UAW due to Instagram's support of its NFTs and Solitaire Blitz game. On the other hand, Solana UAW fell 53% in August compared to the previous month, while transactions fell 68%, according to the results.