TL;DR
- DeFi TVL Growth: The total value locked in DeFi surged by 3.5% in July, with CORE, Scroll, and Mantle leading the gains at 121.2%, 66.0%, and 30.9% respectively.
- NFT Market Decline: Despite overall market growth, the NFT market saw a 7.14% drop in sales, with DMarket and DogeZuki on Solana leading the sales.
- Crypto Market Highlights: The crypto market capitalization increased by 6.1%, driven by positive developments like the approval of nine spot Ethereum ETFs and significant activity in the Solana ecosystem.
In July, the total value locked (TVL) in decentralized finance (DeFi) surged by 3.5%, marking a significant milestone for the sector. According to a recent report by the Binance Research Institute, notable performers included CORE with a staggering 121.2% gain, Scroll with 66.0%, and Mantle with 30.9%.
This growth was driven by improved user experience, greater liquidity, and the rising popularity of meme coin trading. Additionally, the prediction platform Polymarket saw trading volumes hit all-time highs, with over $387 million traded in July, a 614% increase compared to January.
NFT Market Faces Decline Despite Overall Market Growth
Despite the overall growth in the crypto market, the NFT marketplace experienced a downturn. Sales dropped by 7.14% to $400 million. DMarket led the market with $16.2 million in sales, followed by DogeZuki on Solana with $13.9 million.
While Solana collectibles, including Solana Monkey Business and Retardio Cousins, saw notable sales growth, prominent Ethereum and top Ordinals collectibles suffered significant declines.
DeFi Crypto Market Performance in July 2024
The crypto market saw a 6.1% increase in total market capitalization in July, buoyed by several positive developments. The German government completed the offloading of 50,000 BTC to centralized exchanges, easing market fears.
Additionally, the U.S. Securities and Exchange Commission (SEC) approved the S-1 filing for nine spot Ethereum ETFs, which began trading on July 23. Former President Donald Trump announced at the Bitcoin Conference 2024 his intention to establish a strategic BTC reserve if re-elected, aiming to make the U.S. the world’s crypto capital.
Solana Shines Amid Market Developments
Solana (SOL) emerged as a standout performer in July, achieving a remarkable 30.5% price increase. This surge was driven by a 42.2% month-on-month growth in decentralized exchange (DEX) trading volumes, reaching $54.6 billion, primarily fueled by memecoin trading.
The average number of daily active addresses on Solana hit a record 1.7 million, and daily transactions grew by 18.2% to 1.3 million.
The overall positive vibe surrounding the ecosystem was enhanced by various advancements in the DeFi market, such as the launch of Jito restaking and the unveiling of Drift prediction markets. Solana’s ecosystem kept growing, drawing considerable interest from both individuals and institutions alike.
