Gaming dominates blockchain use as DeFi crumbles: report

Gaming dominates blockchain use as DeFi crumbles: report

The blockchain industry recorded another dismal month in August with two major exploits and a continued decline in DeFi activity, a new report has found. However, data from decentralized application analytics platform DappRadar revealed that gaming has continued to be a bright spot for the industry, accounting for half of blockchain usage.

The biggest headline in August was the exploitation of the Nomad cross-chain bridge where around 200 million dollars was stolen. In the same month, the Polkadot-based DeFi platform Acala was also hacked, as were thousands of Solana wallets.

The month also saw unique active wallets fall 3.5% from July and 14.7% from a year ago to 1.67 million.

On the bright side, gaming continued to be the main use case for blockchain technology throughout the month. Unique active wallets dedicated to gaming accounted for $698 million in transactions and 50.5% of activity on the blockchain network, DappRadar found.

chart of dominance of DeFi and gaming in Industry UAW
Source: DappRadar

“It is worth mentioning that although the dominance of gaming for the UAW has decreased from 57.30% to 50.51% MoM, it still represents a good indicator for the sector,” it pointed out.

The report aligns with many others that have found that gamers are the most avid users of digital assets and blockchain technology. This industry has always been the first to move with most technologies, including virtual and augmented reality (AR), and blockchain was a natural fit. With in-game tokens, a mainstay of most games for decades, it was easy to jump on digital assets and even NFTs.

Gaming has been an integral part of the success that BSV has seen over the past four years. Games like Fyx Gaming’s CryptoFights have demonstrated what’s possible with a massively scaling blockchain network, while others like Haste Arcade have shown how revolutionary nanopayments over Bitcoin can be in games.

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CryptoFights in particular has been outstanding and has consistently accounted for the most transactions of any application on the BSV network, recording 5.9 million transactions in the past week alone. On most days, the game alone accounts for as many transactions as the entire Ethereum network combined.

As BSV Blockchain Association General Counsel Marcin Zarakowski noted during the Blockchain 4 Gaming event in Warsaw, gaming is by far the best example of the effectiveness of the BSV blockchain.

See: BSV Global Blockchain Convention presentation, Scaling Games at Layer One: Why It Matters

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