One Sector of Crypto Industry Showing Resiliency and Maturity Amid Extended Bear Winter: DappRadar

A new DappRadar report reveals that one sector of the digital asset industry remains resilient even as an extended crypto winter continues to weigh on the markets.

In a new report, the market intelligence platform says that decentralized applications (DApps) are demonstrating “resilience and maturity” in the face of numerous events that have dragged down the industry overall.

The report finds that DApps saw a notable increase in the number of unique active wallets, rising from an average of 1.58 million last year to an average of 2.37 million this year.

“The DApp (decentralized application) industry experienced a 50% increase in unique active wallets (dUAW) in 2022…

However, the industry has been on a downward trend due to various events, including the war in Ukraine, the collapse of Terra Luna and the FTX situation. Despite these challenges, the DApp industry has demonstrated its resilience and maturity, while adoption of blockchain technology by consumers and businesses suggests that the future of the industry is bright.”

DappRadar also finds that Ethereum (ETH) remained the top decentralized finance protocol in 2022 amid the crypto bear market, while BNB Chain reclaimed second place.

“Ethereum remains the dominant DeFi protocol with $32.12 billion in TVL [total value locked], a 74.56% reduction. BNB Chain has reclaimed its position as the second-largest DeFi ecosystem, with a 62.50% decrease, reaching $6.5 billion.”

The analytics firm recorded that activity related to non-fungible tokens (NFTs) greatly increased compared to last year. The data shows that despite only a small bump of 0.41% in trading volume this year, the number of unique NFT traders grew a staggering 876.89% from 2021 and that NFT sales count rose 10.16% in 2022.

You can read the full report here.

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