October marks a pivotal month for the GameFi industry as Binance BNB chain records significant trading volume and market cap growth. Despite the recent downturn, the sector shows signs of resurgence with a $1 billion increase in market cap. However, user count has yet to rebound. Binance leads in active games and trading volume, surpassing $400 million twice in October.
GameFi surges as Binance BNB chain takes the lead, with record trading volume and market cap growth, marking October as a pivotal month in the industry’s evolution.industry, like the broader cryptocurrency sector, has not escaped the recent downturn. Nevertheless, recent reports indicate a potential resurgence in the sector, withsector since the beginning of the year. However, this decrease cannot be solely attributed to the overall market downturn.
Nonetheless, there has been a recent upturn in the sector’s market cap, which increased by more than $1 billion. At the time of writing, the market cap had reached $13.6 billion, marking October as a pivotal month for the sector.However, the user count has yet to rebound, with March being the sole month with more than 2 million users. Notably, the majority of sector activities take place on theBinance also led in terms of the highest percentage of active games among all the analyzed blockchains.
This was a notable increase compared to September when this milestone was reached only once. At the time of writing, the trading volume had declined again and was almost $200 million. However, the Total Value Locked did not follow the same pattern as the volume. The TVL trend showed a decline over the past few months, but there has been a slight uptick in recent days.
At press time, the TVL was around $3.1 billion. This suggested that the positive developments observed in the GameFi sector are also reflected in the chain’s activities.Furthermore, as of this writing, BNB was trading at over $220, with a decline of less than 1%. The daily chart also showed that it had been on an uptrend in the last couple of days.Adewale is a full-time journalist at AMBCrypto.
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