CRYPTO NEWS: DAPPRADAR REPORTS THAT IN OCTOBER, DEFI ACTIVE WALLETS EXCEEDED 500K.

DEFI ACTIVE WALLETS EXCEEDED 500K

DAPPRADAR REPORTS THAT IN OCTOBER, DEFI ACTIVE WALLETS EXCEEDED 500K. THE OCTOBER DAPP MARKET REPORT FROM BLOCKCHAIN ANALYTICS COMPANY DAPPRADAR DEMONSTRATES HOW SOME DAPP INDUSTRY AREAS SEEM TO HAVE REACHED DEGREES OF CONSOLIDATION. 

DAPPRADAR REPORTS THAT IN OCTOBER, DEFI ACTIVE WALLETS EXCEEDED 500K:

THE STUDY SHEDS INSIGHT ON HOW THE SECTOR BOUNCES BACK AFTER BEARING THE WEIGHT OF A PROTRACTED PERIOD OF MARKET VOLATILITY FOR CRYPTOCURRENCIES. NOTABLY, IT SHOWS THAT THE AVERAGE AMOUNT OF DAILY UNIQUE ACTIVE WALLETS (UAW) THAT COMMUNICATE WITH BLOCKCHAIN DAPPS INCREASED BY 7% EVERY MONTH TO 2.01 MILLION. THE REPORT CLAIMS THAT THIS INCREASE ONCE AGAIN SHOWS THE INDUSTRY’S ABILITY TO WITHSTAND CHALLENGING TIMES.

DEFI ACTIVE WALLETS EXCEEDED 500K
DAPPRADAR REPORTS THAT IN OCTOBER, DEFI ACTIVE WALLETS EXCEEDED 500K

DESPITE THE INDUSTRY’S DOWNWARD TREND, THERE ARE FEW BRIGHT SPOTS THAT GIVE USERS HOPE FOR THE DAPP MARKET’S FUTURE GROWTH. THE UNIQUE ACTIVE WALLETS OF THE LAYER-2 PROTOCOLS OPTIMISM AND ARBITRUM SURGED BY 83.31% AND 501%, RESPECTIVELY. ADDITIONALLY, THIS MONTH, BINANCE’S BNB CHAIN HAD A 9.41% RISE IN ITS DAILY AVERAGE UAW, CROSSING THE HALF MILLION MARK. SINCE APRIL, THAT WAS THE MOST ACTIVITY WE’VE EVER SEEN.

POSITIVELY, THE DECENTRALISED FINANCE (DEFI) SECTOR IS SEEING A GENERAL UPSWING IN ACTION AS THE CRYPTOCURRENCY MARKET GRADUALLY RECOVERS. DEFI DAPPS EXHIBIT EVIDENCE OF IMPROVEMENT WITH A 7% RISE IN MONTHLY DAILY AVERAGE UAW (MOM). THIS IS THE FIRST TIME SINCE JUNE, THE NUMBER SURPASSED HALF A MILLION UAW.

THE TOTAL VALUE LOCKED (TVL), THE METRIC USED TO GAUGE THE EFFECTIVENESS OF DAPPS, ALSO SHOWED PROMISE, RISING BY 5.3% FROM THE PREVIOUS MONTH TO REACH $83 BILLION.

DESPITE THE FACT THAT NFT IS STILL IN TROUBLE WHEN LOOKING AT TRADING VOLUME AND SALES, WHICH BOTH FELL BY 30%, THE TOTAL NUMBER OF TRADERS INCREASED BY 18% TO 1.11 MILLION.

ETHEREUM IS STILL THE MOST WIDELY USED DEFI CHAIN AT $51 BILLION TVL, UP 9.52% FROM SEPTEMBER. HOWEVER, IN CONTRAST TO OTHER PROTOCOLS, IT LOST SOME OF ITS SUPREMACY IN OCTOBER, FALLING FROM 69% IN SEPTEMBER TO 61.97%. WITH $8.3 BILLION IN TVL, BNB IS ONCE AGAIN IN SECOND PLACE, UP 8.57% FROM THE PREVIOUS MONTH DUE TO THE RECENT BNB CHAIN EXPLOIT HAVING NO IMPACT ON THE STATISTIC.

HOWEVER, OTHER PLACES CONTINUE TO SHOW A FALL IN BITCOIN ACTIVITY. ACCORDING TO THE DAPPRADAR DATA, THE BLOCKCHAIN GAMING INDUSTRY’S UAW FELL BY 2% (898K) FROM THE PRIOR MONTH, AND ITS DOMINANCE ALSO REDUCED, FALLING TO 45%. ADDITIONALLY, ETHEREUM’S TREND IS STILL DECREASING, AND THIS MONTH SAW A 4.53% REDUCTION IN THE AMOUNT OF UNIQUE ACTIVE WALLETS, BRINGING THE DAILY AVERAGE UAW DOWN TO 70,768.

THE DAPPRADAR STUDY USES MEASUREMENTS AND DATA TO DEVELOP A KNOWLEDGE OF THE MOST RECENT TRENDS AS IT ILLUSTRATES THE VARIABLES INFLUENCING THE BLOCKCHAIN ECOSYSTEM. IN ORDER TO GIVE READERS A FUNDAMENTAL OVERVIEW OF THE MARKET FOR DEFI, NFTS, GAMING, AND EVERYTHING IN BETWEEN, THE STUDY SUMMARISES SEVERAL MARKET SCENARIOS.

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CRYPTO NEWS: DAPPRADAR REPORTS THAT IN OCTOBER, DEFI ACTIVE WALLETS EXCEEDED 500K.

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