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DeFi platforms register steady inflows as metaverse tokens show signs of exhaustion



Metaverse tokens have started to decline as DeFi platforms see steady inflows that lift their Total Volume (TVL) to a new all-time high.

The cryptocurrency market was on the rise again as Bitcoin (BTC) rebounded above the USD 57,000 support, lifting the index from "extreme fear" to "fear" zone.

Despite all of these "fear" and "extreme fear" feelings dominating the market, some crypto markets like Metaverse-related projects and game logs have all seen breakouts to new all-time highs.

However, the rapid growth in these projects raised concerns about whether the Metaverse and gaming sectors would see a significant decline in the short term.

Available data shows that the decentralized finance (DeFi) sector has gradually gained momentum over the past few months. The total value locked in DeFi hit a new ATH of $ 276.92 billion on Nov. 9, before declining slightly to $ 265.74 billion at the time of writing.

The rise in TVL comes with the introduction of new protocols on Ethereum (ETH) compatible networks like Layer 2 solutions like Arbitrum and Fantom, which allow users to conduct transactions in a lower fee environment.

Increase in the activities of decentralized exchanges (DEXes)

Another thing boosting the DeFi economy is the surge in trading volume on decentralized exchanges (DEXs) like SushiSwap and Uniswap, which have seen a slow surge in activity since the market collapsed in mid-July.

A decentralized Layer 2 perpetual and feature exchange that surprised first-time users in September when it dropped its new governance token to users who had previously looked at the protocol was one of the notable changes in the addition to the Activity of dYdX.

Since dYdX was launched, it has become the first choice for decentralized options trading in the crypto market, and its trading activity outperformed spot trading activity on Coinbase.

Another thing that drives the DeFi economy is DeFI loans.

Crypto holders lock their tokens as collateral to receive credits that can be used for DeFi and crypto-related activities.

Currently, the market capitalization of the cryptocurrency is $ 2.63 trillion and the bitcoin dominance rate is 42.1%.

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