In July, the liquidity of DeFi applications reached a record $270 billion

09.08.2025

Vasily Smirnov

• Over the past month, the total value locked in DeFi applications has increased by 30%.
• The NFT market has shown an unexpected recovery.
• The activity of dapps recorded the traditional summer decline.

On July 28, the total value locked (TVL) in the DeFi sector reached an all-time high of $270 billion. The figure closed the month at $259 billion, increasing by more than 30%, according to the DappRadar report.

According to researchers, high activity was observed in the segment of tokenized stocks. The number of wallets interacting with this asset class surged sharply over 30 days from ~1600 to ~90,000. The market capitalization of the sector also increased by 220%.

Source: DappRadar.

"This is not just growth, but a signal that tokenized real-world assets (RWA) are beginning to reach critical mass," analysts noted.

Ethereum continues to dominate the DeFi market with a TVL of $166 billion. At the same time, the staking reward in the network of the second largest cryptocurrency has jumped to 29.4% per annum, reflecting "growing confidence and user activity."

The Solana metric amounted to $23 billion. The Hyperliquid platform accounted for 35% of the blockchain's revenue in a month.

Hyperluquid has updated the record for monthly trading volume of futures.

Revival of NFTs

In July, the activity of the non-fungible token market surpassed DeFi. Trading volume nearly doubled - up 96% to $530 million. However, sales fell by 4% to $5 million.

Source: DappRadar.

"This tells us one thing: NFTs have become more expensive," concluded DappRadar.

In June, the average price of the token was $52, and in July it reached $105, an increase of 103%. "Blue chip" collections are back in the spotlight, with the main volume provided by whales.

Source: DappRadar. The Blur marketplace dominated NFT trading volumes on Ethereum (with up to 80% of the daily share). OpenSea maintained its leadership in the number of users (with around 27,000 daily traders).

"Non-fungible tokens are transforming from hype into utility, from collectibles and culture into elements of identity, ticket sales, gaming, and RWA," experts emphasized.

Decrease in dapps activity

In the context of the number of users of decentralized applications, July turned out to be weak. The number of UAW decreased by 8%, reaching 22 million.

Source: DappRadar. The largest decline occurred in the direction of decentralized social networks. The number of users fell by 27%, to 2.8 million.

"Currently, platforms like InfoFi, such as Farcaster and the new Base application, are in the spotlight, but many communities are still tightly controlled. This makes it difficult for newcomers to enter, despite the huge potential. However, in the long run, this category could become foundational. The creator economy is already dominating traditional media and is confidently penetrating Web3," DappRadar added.

The artificial intelligence sector also demonstrated a noticeable decline of 14%, reaching 4.1 million UAW. The DeFi segment lost 6%. GameFi showed resilience with a growth of 2%.

Source: DappRadar. Recall that in July journalists drew attention to hidden unemployment in Ethereum and Solana. According to their data, protocols on the blockchains are not generating income.