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

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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

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

The latest DeFi report from Dapprader suggests that the DeFi lockup volume has reached a staggering $83.3 billion in the first quarter of 2023, representing a month-on-month increase of 37%. This significant growth is indicative of the increasing popularity and adoption of DeFi solutions, which have been gaining traction across the globe.

The Arbitrum Chain Lockup Volume Surges

Among the DeFi projects that have seen a significant rise in lockup volume is the Arbitrum chain, which experienced a whopping 118% increase, reaching $3.2 billion by the end of the quarter. The majority of the Arbitrum chain lockup volume is attributed to GMX, which accounted for over 80% of the total.
The surge in the lockup volume of the Arbitrum chain is further fueled by the airborne drops of Arbitrum tokens, which have surged the number of transactions on the blockchain to a record high of 2.7 million, thereby surpassing Ethereum and Optimism.

Increased Adoption of DeFi Wallets

Additionally, the DeFi report reveals that the average daily active wallet volume of Arbitrum increased by 125%. BNB Chain also saw a significant rise in daily active wallets with approximately 440,000, although this represents a decrease of 28% compared to the prior quarter.
These findings point to the increased adoption and use of DeFi wallets and the growing demand for decentralized finance solutions.

What Does This Mean For DeFi?

The significant increase in the DeFi lockup volume and the growing adoption of DeFi wallets represents a continued upward trajectory for the decentralized finance industry. DeFi solutions are gaining popularity globally, and as more individuals and institutions invest in decentralized finance projects, we can expect to see further growth and expansion in the sector.

FAQs

1. What is DeFi?
DeFi, short for decentralized finance, refers to a financial system built using blockchain technology that offers financial services without the need for intermediaries like banks.
2. What is lockup volume?
Lockup volume refers to the amount of cryptocurrency that is locked into a specific smart contract or platform for a particular duration.
3. Why is the increased adoption of DeFi wallets significant?
The increased adoption of DeFi wallets is significant as it demonstrates the growing demand for decentralized finance solutions and the increased acceptance of cryptocurrencies as a legitimate payment option.

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