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11.11 - 13:55
This is why Ethereum DeFi whales prefer these applications
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The crypto-industry has seen various products gather steam over the past year, with non-fungible tokens [NFTs] being the rage especially. However, a recent study from DappRadar found that although the sudden popularity of NFTs took the industry by storm, there is no comparison to the value generated by decentralized finance [DeFi].
The DeFi space managed to attract over 590,000 daily unique active wallets in the third quarter [Q3], hitting a total value locked of $178 billion. While Ethereum-based DeFi remains dominant, other competitors like Binance Smart Chain [BSC] are also gaining more ground.
The biggest contributors to the value locked are lending dapps, thanks to a lot of whale activity.
The report also found that Ethereum dapps
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