In a recent report published by QuickNode, the first quarter of 2024 showed the dominance of decentralized finance (DeFi) and the notable growth of Web3 gaming in the crypto industry, which outperformed the stablecoin sector in key metrics, indicating investor preference and market sentiment during this period.
Hopes For Second ‘DeFi Summer’
Per the report, DeFi experienced a significant resurgence in Q1’24, fueled by a surge in developer and user activity, particularly on chains like Solana (SOL) and Base.
This resurgence has sparked growing hopes of a second ‘DeFi Summer,’ as DeFi projects embrace new concepts such as staking, liquid staking, restaking, and liquid restaking, which have been catalysts for its growth. Notably, staking now represents a substantial portion of DeFi’s Total Value Locked (TVL).
While stablecoins remain the top spot for address activity, DeFi surpassed stablecoins in an essential metric: transaction counts.
DeFi emerged as th
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