New research by analytics platform DappRadar has revealed the extent to which decentralized finance (DeFi) and nonfungible token (NFT) markets have grown this year.

In its Th "Value Menstruum Report," DappRadar reported that recent trends accept seen sizable growth in NFTs and blockchain gaming only that DeFi is also still generating substantial value.

"Although the value flows to some extent from DeFi to NFTs, it appears that both categories are generating value independently."

The research delved into Ethereum-based DeFi, which is still the dominant strength in the sector despite the emergence of rival networks such equally Binance Smart Chain (BSC), Solana and Barrage. Value has connected to flow in with wrapped Ether (wETH) upwardly 400% since July 2022 and stablecoins Tether (USDT) and Dai increasing by 1,300% and 500% over the same period, respectively.

DappRadar currently reports a total value locked of $114.8 billion, which is an increase of 936% since the same time last year. The written report added that the industry'southward total value locked (TVL) grew 75% between July 23 and Sept. 5, reaching a top of $195 billion across all bondage.

DappRadar did suggest that using TVL was not a good way to mensurate the motility of value.

"Whilst TVL is one of the almost important metrics to assess the current country of Decentralized Finance, it is not a metric to understand value flow motility. The TVL is completely dependent on the underlying asset, thus, providing a imitation optic from the value perspective."

At the fourth dimension of compiling the research, 68% of all of the collateral locked in DeFi was based on Ethereum. BSC is the second-largest blockchain in terms of TVL, with $17.8 billion currently locked, or 15.5% of the full. Decentralized exchange PancakeSwap dominates DeFi on BSC with $8.7 billion in TVL. The third-largest concatenation in terms of DeFi collateral on DappRadar is Polygon with $2.7 billion locked. However, the report did non include data for Solana, which has $9.5 billion locked, according to alternative analytics website Defi Llama.

The report noted that NFTs saw record volumes in August, with a full of $v.ii billion worth traded. Ethereum is also the ascendant network in the NFT scene with ninety% of all the volume on its blockchain.

Related: OpenSea trading volume explodes 76,240% YTD amid NFT boom

NFT market OpenSea is the market leader, and 99.7% of its trades happen on Ethereum despite the platform offering USD Coin (USDC), Dai and Polygon (MATIC) options for sellers. The report concluded that NFT growth has been organic and has not leached a lot of liquidity from DeFi protocols.

"All in all, information technology appears that the value in DeFi is growing constantly, whilst NFTs were able to generate a major value menstruation in Baronial."

Equally reported past Cointelegraph, crypto investors are moving more of their assets into DeFi protocols, and as China continues to crack down on the industry, regulatory fears abound in the United states.