Decentralized finance protocols hit an all-time high of $270 billion in total value locked (TVL) during July, with tokenized stock products driving significant growth. Meanwhile, nonfungible token applications quietly surpassed DeFi in daily active users for the first time this year.

Parallel Growth Stories Emerge

DappRadar's monthly report reveals contrasting trends: While DeFi's TVL surged 30% month-over-month, NFT-focused decentralized applications attracted 3.85 million daily active wallets — slightly edging out DeFi platforms. The divergence highlights how crypto markets are maturing with specialized sectors attracting different user bases.

【Key Data】Tokenized stock products saw explosive growth with active wallets jumping from 1,600 to 90,000+ in July, while NFT trading volumes increased 96% to $530 million during the same period.

Infrastructure vs. Cultural Adoption

The DeFi surge came primarily from institutional-grade products like tokenized equities, suggesting growing traditional finance integration. Conversely, NFT growth stemmed from consumer-facing platforms including:

• Blur capturing 80% of Ethereum NFT volume
• OpenSea maintaining 27,000 daily traders
• Zora gaining traction with low-cost creator tools

——"We're seeing infrastructure and cultural adoption grow simultaneously, just through different mechanisms," noted DappRadar's lead analyst——

Brand Experiments Accelerate

Major companies continued testing NFT applications, including:

• Nike.SWOOSH x EA Sports virtual sneaker drops
• Louis Vuitton authentication pilots
• Coca-Cola China's collectible programs

This corporate activity coincided with rising floor prices for blue-chip collections like CryptoPunks, which gained 25% in value last month.

Market Recovery Remains Partial

Despite July's gains, NFT markets show only modest recovery signs:

• 2024 trading volume remained 19% below 2023 levels
• H1 2025 sales totaled $2.82B — 4.6% lower than H2 2024
• Current activity represents just 5-10% of 2021's peak

The data suggests that while institutional DeFi and consumer NFT adoption continue evolving, the sectors may be developing along separate growth trajectories rather than competing directly.