DappRadar’s latest industry report highlights resilience in blockchain activity against FTX collapse

by Arthur · December 23, 2022

Kaunas, Lithuania

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Latest dapp industry report by DappRadarthe global dapp store, highlights the strong resilience of the blockchain industry that was hampered by a series of negative events in the past month, including the collapse of the FTX exchange and an increase in hacks, fraud and exploits related to the decentralized finance industry.

One would assume that these events would lead to a flood of users leaving the crypto space, but DappRadar’s November industry report instead underscored the resilience of the industry sector that has experienced negative news.

In November, the number of daily unique active wallets (UAWs) connected to blockchain dapps was 1.9 million, down just 5% from the previous month. According to DappRadar, the surprisingly low outflow suggests strong resilience for the blockchain industry in times of uncertainty.

The events had an impact on the activity of the blockchain gaming sector, which saw its share of UAWs decrease from 45% to 42%, but still reached 807,000 dUAW. However, the decline in blockchain gaming activity came against a backdrop of increased interest in the DeFi sector, DappRadar said.

In terms of the most popular blockchains, BNB Chain retained the top spot with 651,669 daily UAWs on average throughout the month. DappRadar attributes this to BNB Chain’s popularity among gamers, as the protocol hosts countless gaming dapps. Meanwhile, Solana – a blockchain closely linked to FTX, saw the biggest drop in daily UAWs as a result of the exchange’s collapse last month.

The top-selling blockchain game remains Gods Unchained, which had a trading volume of $18.3 million generated from 326,592 sales in November. However, the segment was clearly affected by the events at FTX, as these figures were down 47% and 61% respectively from the previous month. Another popular game, Axie Infinity, saw NFT trading volume drop 38% to just $3.32 million, and sales fell 37%. However, DappRadar said it’s worth noting that Axie Infinity’s trading volume has been declining for three months already.

Furthermore, NFT trading volume and sales figures fell during the month, falling 17.47% and 22.24% respectively. However, the industry clearly feels that NFTs are assets with long-term potential, as we saw two new NFT marketplaces launch in November, from ApeCoin DAO and Uniswap.

The report also highlighted what many saw as inevitable in the wake of FTX’s bankruptcy, with the total value locked up in DeFi protocols falling on all major blockchains. Ethereum, the number one chain for DeFi, ended the month with $32.1 billion in TVL, down 24% from last month. It also saw its dominance of the DeFi market diminish, with its market share falling from 61.79% to 49%. Solana-based DeFi endured an even more violent time, with TVL falling 71% to just $366 million. The least affected chains were BNB Chain and Arbitrum, which saw their TVL drop by 3% and 5% respectively.

Unfortunately, November also saw an increase in the malicious activities of malicious actors, with a total of $4.88 billion lost from blockchain users through a series of scams, hacks and exploits. According to DappRadar, this month’s exploits mark 2022 as the biggest year for blockchain hacks in history.

DappRadar’s full industry report for November can be found here: November industry report.

About DappRadar

Founded in 2018, DappRadar is the world’s Dapp Store: a global decentralized application store (dapps), making it easy for its base of more than 1 million users per month to track, analyze and discover dapp activity via the web platform. The platform currently hosts more than 12,000 dapps across 49 protocols and offers a wealth of consumer-friendly tools, including comprehensive NFT valuation, portfolio management and daily industry-leading, actionable insights.

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Founded in 2018, DappRadar is The World’s Dapp Store: a global decentralized application store (dapps), making it easy for its base of more than 1 million users per month to track, analyze and discover dapp activity via its online platform. The platform currently hosts 9,000 dapps from over 30 protocols and offers a wealth of consumer-friendly tools, including comprehensive NFT valuation, portfolio management and daily industry-leading, actionable insights.