A prominent market intelligence firm has identified one crypto sector that is outpacing all others in terms of growth exponentially.
MacroHive, a market research firm based in the United Kingdom, developed four indices that it believes capture the most common use cases for cryptocurrencies.
Except for Bitcoin, each index is made up of five tokens that represent the market value of a specific theme or sector.
According to MacroHive, one index that stands out from the crowd is the metaverse sector.
“The metaverse has been the clear outperformer this year.” It is up 37,000 percent this year and has gained 20 percent in the last seven days alone.”
The metaverse index, according to MacroHive, consists of the play-to-earn game Axie Infinity (AXS), the Ethereum-based virtual world The Sandbox (SAND), the virtual reality platform Decentraland (MANA), the blockchain gaming platform Enjin Coin, and the player-controlled blockchain gaming platform Gala.
The smart contract sphere, which includes Ethereum, Solana (SOL), Cardano (ADA), Avalanche (AVAX), and Polkadot, is the next best-performing index (DOT).According to MacroHive, the smart contract index is up 2,355 percent this year.
The decentralized finance (DeFi) index is ranked third. MacroHive chose lending and borrowing protocol Aave, stablecoin governance token Maker (MKR), smart contract DeFi platform Compound (COMP), decentralized exchange Uniswap (UNI), and automated market maker PancakeSwap for the DeFi index, which is up 584 percent this year (CAKE).