DappRadar’s 2022 report says that even though 2018 was a rough year, Defi, NFTs, and blockchain games drove DApp usage across the industry.
The year 2022 will be remembered as a hard one for cryptocurrency and blockchain, but the decentralised application (DApp) ecosystem has seen a lot of good come out of the bad.
DappRadar has released its annual report on the industry. The report focuses on the problems that need to be solved, as well as the notable technological advances and the growing number of daily active users.
The Cryptic bloom talks about the most important things to learn from the DApp industry in 2022. These lessons are important when you consider macro factors like inflation worries in major economies.
The failure of industry-specific projects like Terra/Luna and FTX, and market problems everywhere.
Unique active wallet data (UAW) from 2021 and 2022 shows that the average daily UAW has grown by 50% from year to year. This may be the most telling data. This is up from an average of 1.58 million users per day in 2021 to an average of 2.37 million active users per day in 2022.
It’s important to note that the number of DApp users has been going down since February 2022. DappRadar thinks this is because of the escalating war in Ukraine and crypto-specific “black swan” events like Terra/Luna and FTX’s collapse.
The decentralised finance (Defi) industry was hit hard by Terra’s TerraUSD (UST) deep and the resulting drop in the cryptocurrency market. As of December 2022, the total value locked (TVL) had dropped by about 73%, to $55 billion.
Layer-1 Defi protocols saw the greatest decrease in TVL, with Ethereum seeing a 74.5% decrease to $32.12 billion TVL and BNB Chain recording a 62.5% decrease in 2022.
Layer-2 Protocols performed somewhat better, with the value of Arbitrum decreasing by 12% to $1.74 billion. The TVL of Optimism climbed by 127.60% to $669 million.
In contrast to Defi’s year-to-date, on-chain statistics for nonfungible token (NFT) trade volume was available. In 2022, the amount of NFT trading climbed by just 0.41 percent annually.
But the number of unique traders surged by an astounding 876 percent to reach 10.6 million individuals.
Positive trends were also seen in NFT sales, which increased by 10.6% to 68.35 million. OpenSea is still the most popular NFT marketplace, accounting for 73% of the amount of natural NFT trade.
With an average of 1.15 million UAW per day in 2022, blockchain games played a large role in the DApp sector, accounting for 49% of activity. This year, the industry generated a total of 7.4 billion transactions.
Cryptographic trading card game According to DappRadar, Splinterlands was the most popular platform in 2022, with 217,914 monthly unique active wallets, an increase of 85 percent.
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Terra’s collapse resulted in $40 billion in lost cash, while DappRadar assessed the median loss per hack to be $283,000 and monthly losses to be $728 million.
DappRadar integrated 49 blockchains, monitored 13,000 DApps and 13,500 NFT collections, and stated that the rising number of DApps illustrates the sector’s resilience and promise, with initiatives continuing to create and innovate despite a hard macro climate.
In addition to hacks, thefts, and rug pulls, DappRadar’s 2022 evaluation also discusses hacks, thefts, and rug pulls. In all, 312 assaults resulted in $48.74 billion in damages, the biggest sum recorded since Bitcoin’s foundation in 2009.