DeFi DApps activity rises 3.7% in August for first time since May — Report

cointelegraph.com:

DeFi dapps showed a slight recovery for the first time since May, with the daily average of unique active wallets (UAWs) increasing 3.7% on a month-over-month basis, according to a report from DappRadar. 

The rise was partially driven by the Flow protocol, which rose 577% UAW due to Instagram's support of its NFTs and the game Solitaire Blitz. On the other hand, Solana UAW shrank by 53% in August from the previous month, while transactions dropped by 68%, the findings showed.

There were 1.67 million unique wallets connected to blockchain DApps in August, down 3.52% from last month, and down 14.73% compared to August 2021.

Source: DappRadar

Among industries, gaming accounted for over 50% of the activity usage, with 847,230 daily UAW, although it is down 11% and the number of transactions declined 12.7% month-to-month to $698 million. On the NFT side, UAW fell by 16.7% to 114,542 — the lowest since June 2021, per the report.

Despite the DeFi increase in unique active wallets, the overall DeFi total value locked (TVL) still showed a significant drop; from $250 billion at the beginning of 2022 to $74.21 billion in August.

The report highlighted that August was "particularly difficult for the market because of the Tornado Cash crisis," which dropped the industry TVL by 10.47% to lose $8.7 billion. On Aug. 8, the U.S. Treasury Department accused the crypto mixer platform of laundering more than $7 billion in cryptocurrencies, including $455 million allegedly stolen by North Korean hackers.

Following the sanctions, the Tornado Cash (TORN) price plummeted by 45% in two days, losing almost half of its market value.

Ethereum chain controls 69% of the DeFi TVL with $51.47 billion, according to the report — although it has lost 11% last