In November, compared to the previous month, the share of the decentralized finance sector (DeFi) in the cryptocurrency market increased by 18%.

After several months of relative calm, users began to return to the world of DeFi. November was a successful month for non-interchangeable tokens (NFT), with trading volumes increasing by 200%, according to the latest Binance Research report.

Restoring DeFi user activity

Analysts point out that during the year, the share of the DeFi sector remained in the range of 3.8% - 4.1%. However, in November, this indicator began to grow rapidly and increased by 18%, reaching 4.44%.

The main engines of this significant growth have been THORChain, PancakeSwap, Uniswap and Synthetix.

The increase in the total amount of blocked funds (TVL) in decentralized protocols was 14% in November alone, with an overall increase of 25% since the beginning of 2023. Earlier this year, this figure ranged from $45 billion to $50 billion, and taking into account the current dynamics, it can be expected that it will overcome the $50 billion mark.

At the moment, Ethereum (ETH) remains the dominant blockchain in the field of DeFi, with more than 56% of the total TVL volume. TRON (TRX) is second with 16%, and BNB Chain (BNB) is third with 6%.

Liquid staking has become one of the largest categories this year, with a total volume of $27 billion, most of which is accounted for by the Lido Finance protocol ($20 billion). Analysts note that the Shanghai update contributed to this growth. Other popular areas include lending ($19 billion), decentralized exchanges (DEX, $13 billion) and bridges ($13 billion).

Bringing the NFT market back to life

Binance Research experts note that NFT market volumes can serve as an indicator of market sentiment. In November, this indicator finally broke out of the downward trend and increased significantly, reaching $915 billion.

The most impressive growth was demonstrated by NFTs based on the Bitcoin network. Last month, these tokens became the most popular of all, with a bitcoin-NFT turnover of $375 million, exceeding the volume of Ethereum NFT.