JPMorgan Notes Tentative Revival in DeFi and NFT Markets Amid Bitcoin ETF Expectations

01/12/2023 17:13

According to Coincu, a recent research report by JPMorgan analysts reveals that expectations of US-listed Bitcoin exchange-traded fund (ETF) approval have influenced a revival in decentralized finance (DeFi) and non-fungible token (NFT) activities. This resurgence comes after a two-year slowdown, prompting optimism about the potential end of a challenging period for DeFi and NFT markets in the medium term. However, JPMorgan remains cautiously optimistic, emphasizing that it's too early to fully embrace this revival and describing the developments as "only tentative signs of revival." The report highlighted the recent increase in NFT sales volume and DeFi total value locked, attributing this growth to heightened cryptocurrency trading activity and advancements like liquid staking facilitated by Lido. The Ethereum blockchain, despite its pivotal role in the DeFi and NFT markets, hasn't fully benefited from the recent recovery. Issues such as network scalability, slow transaction speed, high fees, and competition from other layer-one chains pose challenges for Ethereum.

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JPMorgan Notes Tentative Revival in DeFi and NFT Markets Amid Bitcoin ETF Expectations

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