cryptocurrency market facing one of the harshest winters ever The constant declining price of digital assets and the failures of major crypto companies, as well as various cases of hacks and robbery.
However, a recent report from blockchain data and analytics firm DappRadar suggests the industry may not be in such a murky state. It has shown outstanding resilience and growth amid the crypto winter.
From Industry Report 2022 DappRadar found that usage of decentralized applications (dApps) has skyrocketed even in bear market conditions.
The dApp industry saw a 50% year-on-year increase in daily unique active wallets (dUAW), growing from 1.58 million in 2021 to 2.37 million in 2022. This growth is driven by increased adoption in cryptocurrencies. amongst consumers and businesses as well.
Blockchain and NFT games lead the growth of the Dapp market.
Blockchain gaming projects, particularly the GameFi sector, played a dominant role in the dApp industry this year, with GameFi accounting for 49% of all dApp activity, with an average of 1.15 million daily dUAWs and 7.4 billion transactions.
The NFT token 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.
DeFi shows resilience despite 73% drop in TVL
The decentralized finance (DeFi) sector faces a challenge in 2022, losing more than 73% of the total value locked in. But the market saw a 2% increase in the daily dUAW to 652,970.
This may seem insignificant, but DappRadar notes that It was an impressive achievement for the DeFi sector following the fall of Terra Luna, the second largest DeFi ecosystem at the time.
The report concludes by acknowledging that Bear markets have created an opportunity for the industry to learn from its mistakes and focus on building sustainable projects. while preparing for the next bull season It also highlights the flexibility and growth of the industry as it continues to grow despite challenging market conditions.
The post dApp Industry Continues to Grow Despite Crypto Winter: DappRadar Report appeared first on Bitcoin Addict.