TVL in the smart contracts of various DeFi applications fell 7%.
As a result, the rise of dApps is tightly linked to Web3 adoption and is actively monitored by industry analysts.published a report recently, revealing fascinating insights into the evolution of the dApp landscape in the second quarter of 2023. Evidently, much of this pie was grabbed by the decentralized finance sector, which increased its market share from 23% to 32%. The report stated that the memecoin frenzy in April-May and the increased activity by AirDrop hunters contributed to the rise of DeFi protocols.DeFi landscape faces headwinds
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