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dApp Market Grows 10% in May, DeFi TVL Falls Back 4.3%

The crypto industry had a mixed performance in May, with DeFi experiencing a decrease in total value locked (TVL) but an increase in its share of on-chain activity.

The dApp industry grew, while most blockchains regressed in TVL except for Tron. NFT trading volume declined sharply by 44% to $675 million compared to the previous month, with Blur taking a dominant market share.

Despite this, Blur's NFT lending service, Blend, has contributed to the decline in trading volume.

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