July marked a breakthrough for Web3 as NFTs outpaced DeFi in user activity. DeFi’s total value locked increased over 30%, ending the month at $259 billion, briefly reaching an all-time high of $270 billion.
Ethereum remained the dominant DeFi platform with $166 billion in TVL, while Solana held $23 billion. A major highlight was tokenized stocks, whose wallets surged from about 1,600 to more than 90,000, lifting market capitalization by 220%, indicating growing adoption of real-world assets.
Ether’s price jumped nearly 60% due to positive regulatory sentiment and staking rewards climbing to 29.4% APY. On Solana, Hyperliquid emerged as a revenue leader, accounting for 35% of all blockchain revenue in July.
It controlled over 60% of daily perpetual futures volume, managing $15.3 billion in open interest and processing $5.1 billion in USDC bridge transactions.
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