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Otherside’s NFT Drop Temporarily Flipped Ethereum Into A Deflationary Asset: DappRadar Reports

After the NFTspace had become the hottest trend in fintech and crypto over the past few months, it went into a cooldown. But that trend appears to be changing, and the latest edition of Dapp Radar’s Dapp Industry Report suggests the market is coming back to life.

Moonbirds, Otherdeed NFT Collections, Smash Records

According to the report shared with CryptoPotato, it was the launch of two of the most anticipated collections to ever revitalize the sector, which went on a six-week cooldown. The first is NFT project Moonbrids, which broke a long list of records by generating nearly $500 million in trades. As mentioned in the report, strong demand for the pixelated owls has caused the price of moonbirds to rally above 30 ETH fueled out.

Otherdeeds’ recent NFT drop, on the other hand, managed to generate $760 million in just 24 hours. However, it remained mired in controversy as unprecedented high demand sparked Ethereum fees to the up, causing chaos among buyers. Bored Ape Yacht Club (BAYC) makers, Yuga Labs, were criticized for not implementing optimization checks before launch.

Dapp Radar also said that the drop has pushed Ethereum burn rate to a record high since EIP-1559 implementation. Additionally, the minting process burned nearly 56,000 ETH, or around 70% of all assets burned over the past week. The much-anticipated project from Yuga Labs single-handedly turned Ethereum into a deflationary asset, market tracker revealed.

In addition to Ethereum-based collections, demand for Solana-based NFTs also increased. The report mentioned that collections like DeGods and Okay Bears managed to break into the top 30 most traded NFT collections in April.

The duo reportedly grossed $44 million and $23 million, respectively. One of the main drivers of the increase in NFT activity on the Layer 1Blockchainprotocol was the OpenSea integration, which is expected to act as a catalyst to increase the visibility of these digital collectibles exponentially.

Positioning of Terra as DeFi-Juggernaut

The decentralized finance space has calmed down since the price of cryptocurrencies has fallen. Dapp Radar noted that the sector was showing positive signs as TVL has declined at slower rates than the underlying cryptocurrencies. This essentially signaled room for growth. The Terra ecosystem is on the rise and is trailing the leading behemoth – Ethereum.

From his controversial move to buying himself from BTC worth $10 billion, right up to its collaboration with Avalanche, Terra has stayed afloat in crypto headlines. Apart from that, less used networks like e.g Cronos, Aurora, and Near have slowly started to gain traction as downward pressure continues to impact DeFi. The report further stated,

The positioning of Terra as a DeFi juggernaut and the rise of networks like AvalancheCronos and Near among solid options for lending, borrowing and earning passive returns paint a bullish outlook for the still-fully relevant dapp category.”

Source: Crypto News Deutsch

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