DappRadar finds a sign of the end of crypto winter

The company’s experts analyzed the dynamics of the indicator of active wallets in various industries

04.11.2022 - 11:55

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2 min

What’s new? According to the latest report from analytics company DappRadar, the number of unique active wallets (UAWs) of decentralized applications (dApps) reached an average of 2,01 million per day in October. This is a 6,84% increase over September, but 31% lower than in October 2021. This activity demonstrates the industry’s resilience to macroeconomic shocks and may be a sign of a recovery in the digital asset market, DappRadar noted.

DappRadar’s report

What else does the report say? The number of UAWs in the decentralized finance (DeFi) sector increased by 7%, surpassing half a million for the first time since June. The monthly growth of active wallets in the Layer 2 (L2) protocols Arbitrum and Optimism amounted to 501% and 83,31%, respectively. According to analysts, it is due to the integration of the services of Lido, a liquidity provider and ETH staking pool operator, which provided them with a total of $9 million in wrapped coins wETH.

Thanks to the partnership with Google Cloud, the NEAR Protocol blockchain increased its UAWs by 1332,85%. The cloud service will provide technical support to developers in creating and scaling projects on NEAR.

The BNB Chain blockchain increased its average daily UAW in October by 9,41%, a figure exceeding half a million. This is the highest BNB activity recorded by DappRadar since April.

However, analysts recorded a decline on some networks. For example, over the past month, the number of unique active Ethereum wallets decreased by 4,53%, to 70 768. On the Flow blockchain, UAWs fell by 23% to 42 552. The Solana network has 114 169 (-33,87%) daily average UAW.

In the blockchain gaming sector, the number of UAW fell to 898 000, down by 2% from the previous month. The dominance of the sector also decreased to 45%.

Earlier, DappRadar reported a decline in investment in blockchain games and metaverses. They raised a combined $1,3 billion in venture capital in Q3. While the figure is down 48% from the previous reporting period, it is almost double the amount raised in 2021.

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