• DeFi had a successful Q1, despite the bear market and decreasing active user count.
• Total Value Locked (TVL) in DeFi increased by 37%, with Arbitrum’s TVL increasing by 118%.
• Binance is still the top-ranked blockchain in terms of daily unique active wallets, but Polygon saw a 25% increase.
DeFi Records Successful Quarter
The DeFi space had a successful quarter despite difficulties it faced at the end of 2022. The overall bear market only affected the number of active users interacting with DeFi apps, which decreased by almost 10% compared to last quarter.
Binance Maintains Dominance
Binance maintained its dominance in DeFi as it still has 449,000 daily unique active wallets (dUAWs). This is 28% decrease from 629,000 dUAWs registered last quarter. Wax took second place with almost 400,000 dUAWs while Polygon saw an impressive 25% increase in dUAWs, surpassing 197,000 unique wallets per day. However none rivaled Arbitrum which saw its dUAWs increase by 125%.
Total Value Locked (TVL) Increases
The total value locked (TVL) in DeFi closed the quarter with $83.3 billion — a 37% increase from last quarter. Arbitrum’s long-awaited airdrop attracted many users to the platform and accounted for over 80% of all TVL on Arbirum pushing it to $3.2 billion closing out the quarter.
Arbitrum Airdrop Draws Interest
The Arbitrum token was distributed to 600,000 users resulting in an increase of their number of daily unique active wallets by 125%. This drew more attention and interest toward Arbitrum pushing forward the whole sector leading to its current success this Q1 2023.
Conclusion
Despite experiencing a drop in active users due to the bear market, DeFi had a successful Q1 2023 as evidenced by anincrease in TVL thanks largely to Arbitrum’s long awaited airdrop and Binance’s continued dominance over other blockchains using daily unique active wallets as metric
