The cryptocurrency market is facing one of its most brutal crypto winters, marked by a sustained drop in digital asset prices and the failure of major crypto companies, as well as high-profile cases of hacks and of robbery.
Nonetheless, a recent report by blockchain data and analytics firm DappRadar suggests the industry may not be in such a bleak state, as it has shown remarkable resilience and maturity. in the middle of crypto winter.
According to DappRadar’s 2022 Industry Report, the use of decentralized applications (dApps) has skyrocketed despite bearish market conditions.
The dApp industry saw a 50% year-over-year increase in its daily unique active wallets (dUAWs), from 1.58 million in 2021 to 2.37 million in 2022. This growth can be attributed to increased acceptance by consumers and businesses, as well as increased interest from investors.
Blockchain Gaming and NFTs Lead Dapp Market Growth
Blockchain game projects, especially the GameFi sector, have played an important role in the dApp industry this year. GameFi accounted for 49% of all dApp activity, averaging 1.15 million daily dUAWs and 7.4 billion transactions.
The non-fungible token (NFT) market also contributed to the growth of the dApp industry, with a 33% increase in daily dUAW and an 876% increase in unique NFT traders.
However, while the number of unique NFT traders increased significantly, trading volume only increased by 0.41% compared to the previous year. NFT sales also soared, rising 10.6% to $68.35 million, though another report suggested that nearly 60% of NFT transaction volume this year was fake.
DeFi shows resilience despite TVL drop of 73%
The decentralized finance (DeFi) industry faced challenges in 2022, losing over 73% of its total locked-in value. Despite this, the market saw a 2% increase in daily dUAW, reaching 652,970.
This may not sound significant, but DappRadar notes that this is an impressive achievement for the DeFi sector after the collapse of Terra Luna, which was the second largest DeFi ecosystem at the time.
The report concludes by acknowledging that the bear market has created an opportunity for the industry to learn from its mistakes and focus on building sustainable projects while preparing for the upcoming bull season. It also highlights the resilience and maturity of the industry as it continues to grow despite challenging market conditions.
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