The Growth of DeFi Lockup Volume in Q1 2023

03/31/2023 18:49 • Digital Disruptors • 78 views

According to reports, according to Dapprader’s latest DeFi report, in the first quarter of 2023, the DeFi lockup volume reached $83.3 billion, a 37% month-on-month increase. Among them, the Arbitrum chain lockup volume increased by 118%, reaching $3.2 billion at the end of this quarter, while GMX accounted for more than 80% of the Arbitrum chain lockup volume. Airborne drops of Arbitrum tokens have pushed the number of transactions on the blockchain to a record 2.7 million, surpassing Ethereum and Optimism. In addition, the average daily active wallet volume of Arbitrum increased by 125%, and BNB Chain had approximately 440000 daily active wallets this quarter, a decrease of 28% compared to the previous quarter.

Data: In Q1 2023, the lockup volume of DeFi reached US $83.3 billion, with a year-on-year increase of 37%

In the first quarter of 2023, the DeFi lockup volume has seen a significant surge, reaching $83.3 billion, marking a 37% month-on-month increase. This report is based on Dapprader’s latest DeFi report, which shows a promising outlook for the DeFi sector.

Arbitrum Chain Lockup Volume

One of the biggest contributors to this growth was the Arbitrum chain since its lockup volume witnessed a rise of 118%, reaching $3.2 billion by the end of the quarter. Moreover, GMX accounted for more than 80% of the Arbitrum chain lockup volume.

Record Transactions on the Arbitrum Blockchain

With the airborne drops of Arbitrum tokens, there has been an increase in the number of transactions on the blockchain, surpassing Ethereum and Optimism. The number has soared to 2.7 million, setting a new unprecedented record.

Increase in Active Wallet Volume

Apart from the lockup volume, the average daily active wallet volume of Arbitrum also increased by 125%. On the other hand, BNB Chain had approximately 440,000 daily active wallets this quarter, a decrease of 28% compared to the previous quarter.

Conclusion

The growth of DeFi lockup volume in the first quarter of 2023 has been tremendous, especially for Arbitrum chain that has surpassed all expectations. The airborne drops of Arbitrum tokens have been the biggest contributor to this surge in transactions on the blockchain. However, we need to wait and see what the future holds for DeFi in the coming months.

FAQs

1. What is DeFi?
Defi refers to decentralized finance, which is an alternative financial system that relies on blockchain technology. DeFi aims to give individuals more control over their finances and remove intermediaries from the equation.
2. What is a lockup volume?
It is the number of tokens that have not been sold or traded on the blockchain. When tokens are locked up, they cannot be used or sold, which is an indication of long-term holding by the investors.
3. What is Arbitrum?
Arbitrum is a layer 2 scaling solution that is built on Ethereum, which increases transaction speed and efficiency while reducing the gas fees. The Arbitrum network is designed to enable the secure and fast transfer of tokens between different parties, enabling the growth of DeFi services.

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