Latest Industry Report From DappRadar Illustrates Resilience in Blockchain Activity Despite FTX Fall
DappRadar, the world’s largest dapp store, has released its latest industry report, which demonstrates the blockchain industry’s fortitude in the face of recent setbacks like the FTX exchange’s closure and an increase in hacks, frauds, and vulnerabilities in the decentralized financial sector.
Though one would expect consumers to flee in massive numbers in the wake of such news, DappRadar’s November Business Report highlighted the resilience of a segment of the crypto industry used to negative reviews.
Daily unique active wallets (UAWs) linked to blockchain dapps totaled 1.9 million in November, down by just 5% month-over-month. DappRadar concludes that the minimal outflow shows that the blockchain business can weather the storm of uncertainty rather well.
Blockchain gaming activity was affected by the events, falling from 45% to 42% of all UAWs, but still totaling 807,000 dUAW. DappRadar said that although gaming on the blockchain saw a dip, the DeFi industry saw a rise in interest.
BNB Chain continued to be the most widely used blockchain, with an average of 651,669 UAWs each day throughout the month. According to DappRadar, this is because of how many gaming dapps are hosted on the BNB Chain protocol. Solana, a blockchain with strong ties to FTX, suffered the largest drop in daily UAWs after the exchange’s demise a month ago.
Gods Unchained, the most popular blockchain game, had a trading volume of $18.3 million from 326,592 purchases in November. Those statistics are down 47% and 61% from the previous month, respectively, indicating that the sector was definitely impacted by the events at FTX. Sales for another top title, Axie Infinity, dropped by 37%, while the game’s NFT trading volume dropped by 38% to $3.32 million. Moreover, DappRadar has noted that Axie Infinity’s trading volume has been falling over the last three months.
Furthermore, both the volume of NFT trading and the number of sales dropped throughout the month, falling by 17.47% and 22.24% respectively. Two new NFT marketplaces, ApeCoin DAO and Uniswap, were established in November, demonstrating the industry’s belief that NFTs are assets with long-term potential.
According to the analysis, the total value locked in DeFi protocols has dropped on all major blockchains, something that many people predicted coming in the aftermath of FTX’s collapse. As of the end of November, Ethereum (the leading DeFi chain) has $32.1 billion in TVL, down 24% from the previous month.
Its share of the DeFi market fell from 61.79% to 49%, indicating a decline in market dominance. Even more devastating was the TVL drop of 71% for Solana-based DeFi, to $366 million. BNB Chain and Arbitrum were among the least impacted chains, with declines of 3% and 5% in TVL, respectively.
A total of $4.88 billion was stolen from blockchain users in November via various scams, hacks, and vulnerabilities, highlighting the unfortunate surge in the evil operations of criminal actors. In terms of total number of exploits, DappRadar claims that 2022 will be the worst year ever for blockchains. If you want to read DappRadar’s comprehensive report on the industry in November, check here: November Industry Report.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
