CoinGecko’s 2021 report noted that DeFi managed to branch out from Ethereum onto other chains at a rapid pace. The NFT market, on the other hand, saw a meteoric rise thanks to the complementary areas of metaverse and GameFi.by CoinGecko, the market cap across the decentralized finance protocols grew by 7.5x from $20 billion to $150 billion in 2021. Its dominance has more than doubled from 2.8% to an all-time high of 6.5%.
Towards the end of the year, the crypto market continued to oscillate between fear and extreme fear. This sentiment seeped into the DeFi space as well, which led to the market cap retrace from an all-time high of $174 billion in November.
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