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DeFi Finding Traction on NFT Dominated Tezos Blockchain

Posted by
Hristina Yordanova

All Top 6 dapps see an increase in users

DappRadar’s thirty-day data shows that DeFi platforms are steadily gaining traction on Tezos, a blockchain predominantly known for its NFT ecosystem thanks to the success of Hic et Nunc and Objkt.com. Plenty and Smartlink have made it to fifth and sixth position in terms of users across the whole blockchain.

All top 6 dapps on Tezos had a pretty successful month, with green stats for user acquisition across the board. However, Plenty and Smartlink stand out as the only two DeFi dapps at the top of the ranking. Plenty attracted 3290 users, an increase of more than 9% compared to the month before. Smartlink’s performance is even more impressive, with a 75% increase in its user base. 

DeFi

QuipuSwap is also showing impressive results with more than $44 million in volume. The exchange also saw a 19% increase in the number of unique active wallets. While the dapp is classified as an exchange, it still falls in the DeFi category overall, providing swap services for Tezos users. 

DeFi vs NFTs on Tezos

Ever since DappRadar integrated Tezos and started tracking data on that specific blockchain, NFT projects have had dominance. One of the main reasons for that is that Tezos offers way smaller gas fees for minting, buying, and selling NFTs. Especially, compared to the leader in the space, Ethereum. Additionally, Hic et Nunc had a stellar couple of weeks at launch. This turned the community’s attention towards NFTs on Tezos. The NFT marketplace attracted close to 30,000 users in the past thirty days. This is an increase of 65% compared to the month before.

Later on, Objkt.com also found traction among NFT fans. In the past thirty days, more than 8000 unique active wallets were detected interacting with the Objkt smart contracts. This is an impressive increase of more than 150% compared to the previous month. PixelPotus, a signature NFT collection on Tezos, is also building its community with 140% more traders in the past 30 days.

Interestingly, the DeFi sector on Tezos seems to be growing and developing as well. As the dapp ecosystem grows, swapping specific tokens within the Tezos ecosystem will become a useful service. As new dapps enter the Tezos ecosystem, and more users familiarize themselves with the blockchain, this positive trend should continue strong. Plenty and Smartlink are setting a good example for Tezos dapp developers, as both platforms continue to attract more users. 

DappRadar will continue monitoring the Tezos ecosystem as it continues to expand. To find more information about the Tezos blockchain and its dapps, check out the useful links below. Follow us on Discord and Twitter, to find out about the latest news around Tezos first. 

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