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HomeDeFiMarket will rise 1120 percent: Nansen Report

Market will rise 1120 percent: Nansen Report

The report from Nansen illustrates how DeFi has continued to expand, allowing new participant chains to enter the industry. Non-fungible tokens (NFTs) had a strong year as well, with numerous new wallets launching as a result.

Nansen, a blockchain analytics business supported by Coinbase Ventures and a16z, has released a study on decentralised finance and NFTs’ behaviour and growth over the previous year. The report from Nansen is named as “Nansen’s State of the Crypto Industry Report 2021”. The report shows increased DeFi growth as well as catching important space by NFTs. Report also highlights the crypto industry, as well as other industries, attracting celebrities.

Nansen expects that the market will rise by 1,120 percent in total value locked (TVL) for DeFi in comparison to 2020. Ethereum had 70% market share in the defi industry. It further suggests that the crypto’s inability to expand allowed alternative solutions to emerge. BSC and Polygon were two of such chains that, at their height, outnumbered Ethereum’s transactions by 1,345 percent and 760 percent, respectively. Solana and Avalanche, meanwhile, acquired considerable levels of engagement on their own networks.

According to the report, the NFT market grew in 2021, with two noteworthy peaks. One was observed on August 29, when 132K ETH were sold for USD 422 million. Another peak was observed when the NFT market traded 4.6 million ETH worth USD 17. Nansen also mentions the emergence of smart money in this new market, stating that the top 10 NFT traders made over USD 185 million in profits.

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