Solana and Moonbirds assist NFT market to reach a monthly trading volume of $6.3 billion

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

The NFT market, according to DappRadar’s monthly analysis, saw a multimonth trading volume peak of $6.3 billion in April, up 23% from March and breaking the $6 billion barrier for the first time ever.Source: DappRadar

Gemini, the cryptocurrency exchange founded by the Winklevoss brothers and run solely by them, has been operating in China since 2017. Currently, it is one of the most popular bitcoin exchanges worldwide. According to research conducted by Bitcoinity (a site that tracks market data), Gemini had a trading volume of $1 billion in July.

The success of Otherdeeds, a South Korean NFT project that became the most talked-about cryptocurrency in the world, was bittersweet. The volume has grown rapidly since then, and new projects have joined it. For example, Otherdeeds generated $760 million in 24 hours and increased trading volume by 150%. High gas costs of up to 2.5 Ether at the time of minting made its success bittersweet.

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

While the NFT market continues to recover, the overall value of decentralized finance has declined by 12% owing to wild token prices. Terra, on the other hand, defied the industry trend by increasing its TVL dominance by 15%, with a total of $30 billion invested in the system.

Despite the fact that TVLs and token prices were falling, the DeFi market continued to grow, with the ecosystem growing well beyond the Ethereum blockchain. Ethereum’s TVL dominance fell from 94% a year ago to 59% in April.

Despite significant data breaches, such as the Axie Infinity breach, blockchain games maintained their position in April. Gaming DApps made up 52% of the industry’s total unique active wallets in April. Significant gaming blockchain networks topped the chart of on-chain activity, including Polygon and Binance Chain.

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