Cryptocurrency

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

Solana and Moonbirds help NFT market reach .5B monthly trading volume: Report
Written by Arindam
Solana and Moonbirds help NFT market reach .5B monthly trading volume: Report

Solana and Moonbirds came to the rescue of the bearish nonfungible token market in April after a six-week cooldown phase.

According to DappRadar’s monthly report, the NFT market recorded a multimonth trading volume high of $6.5 billion in April, surging 23% from March and breaching the $6 billion mark for only the third time in its history.

Source: DappRadar

Moonbirds contributed $500 million worth of trading volume, while the Solana blockchain recorded nearly $300 million in NFT trades, with a 91% month-on-month increase.

Many new hyped NFT projects also contributed to the growing trading volume, especially Otherdeeds, which generated $760 million within 24 hours. The success of Otherdeeds turned out to be bittersweet, as it led to high gas fees of up to 2.5 Ether (ETH) at the time of minting.

The daily unique active wallet count interacting with decentralized apps reached 2.36 million in April, a slight 0.2% increase from March. BNB Chain and Wax saw the highest average number of wallets connected, with 568,000 and 492,000 daily unique active wallets, respectively.

Related: Opera browser enables direct access to BNB Chain-based DApp ecosystem

While the NFT market made a remarkable recovery, the total value locked in decentralized finance dipped 12% due to volatile token prices. However, Terra defied the common market trend to register a 15% surge in TVL dominance, with a total of $30 billion locked in the protocol.

Falling TVLs and volatile token prices didn’t prevent the DeFi market from continuing its expansion, with the ecosystem registering remarkable growth beyond the Ethereum blockchain. Ethereum’s TVL dominance declined from 94% a year ago to 59% in April.

Blockchain games continued their dominance in April despite major breaches such as the hack of Axie Infinity’s Ronin bridge. Gaming DApps accounted for 52% of the industry’s unique active wallets. Major gaming blockchain networks such as Polygon and BNB Chain also topped the chart of on-chain activity.