Despite the challenging macroeconomic picture of global markets and increased stress tests showing potential weakness of asset bridges, the dapp industry recorded 2.38M UAW per day connected to blockchain applications in Q1, 2022.
KAUNAS, LITHUANIA / ACCESSWIRE / 6 April 2022/ DappRadar’s decentralized app store is now releasing its Dapp Q1 2022 Industry Report, stating relative stability to the blockchain. Despite the bearish crypto market and at least $ 1.19 billion taken in hacks and exploits in the first three months of 2022, an average of 2.4 million unique active wallets interact with dapps every day. Blockchain usage remained stable, losing only 5.8% against Q4, 2021 but gaining 396% from Q1, 2021.
Ronin and Wormhole Solana bridges are the two most affected by security issues regarding token bridges. Ronin hit more than $ 600 million in March, while Wormhole saw more than $ 300 million drained in February, up more than 80% of its total $ 1.19 billion in Q1. Vitalik Buterin highlighted the technical limitations of the bridge earlier this year and now asks whether the future of interoperable multichain is really due to exploitation in Q1.
Dhaps gaming is re -emerging, as part of a pace setting, with more than 1.2 million, or 50.5% of daily active users in Q1 and showing a 5.8% decline from Q4 2021. NFTs, when it’s cold, are certainly not going anywhere. despite the call for bubble bursts. He generated $ 12 billion in trade in Q1, not including suspicious activity in the NFT LooksRare market, as the number of sales and unique traders increased. The creator of the Bored Ape Yacht Club NFT collection, Yuga Labs, acquired IP CryptoPunks and Meebits, two of the most relevant NFT collections previously owned by Larva Labs. The move makes Yuga Labs one of the most dominant brands on Web3, as it now represents 44% of the NFT Top 100 Ethereum collection market cap.
“The industry is under significant stress tests and, to date, is handling things well and showing the potential of cryptocurrencies and dapps right. The winning gaming project strengthened its position as DeFi embraced gamification to appeal to a wider audience. NFT collectors have become more and more popular.” smarter. and find real utility as projects look to deliver on promise and new projects continue to grow. This period feels like a post -2017 ICO phase. Now it’s time to see who will have the long term. ” comments Modesta Masoit, Head of Finance and Research at DappRadar.
No other category feels a downward trend more than DeFi. The industry’s Total Locked Value (TVL) and the number of UAWs tied to DeFi dapps got a hit along with the price of cryptocurrencies. At the end of March, the TVL DeFi industry was estimated at $ 214 billion, 8.4% lower than in December 2021. Although TVL and usage metrics are down from the previous quarter, the industry appears to consolidate and grow to maximize appeal. Terra became the number two TVL network behind Ethereum, with $ 23 billion locked in at the end of March, up 68% from Q4, 2021.
From a macroeconomic perspective, the sanctions imposed in Russia have a negative impact on the market, including the crypto sector, although a recovery is in progress regarding the token price, and confidence is returning. At the same time, the positive social impact of Web3 was shown when UkraineDAO and other types of organizations raised millions to alleviate humanitarian crises in eastern European countries.
The Dapp Industry Report Q1 2022 is the latest edition of DappRadar’s regular industry report – the company’s flagship report covering the performance of the blockchain industry. The additional report series includes the monthly Blockchain Gaming Report, the Dapp User Behavior Report and Pope Analysis, and the monthly New Dapps Report.
About DappRadar
Founded in 2018, DappRadar is the Dapp Store in the World: a global decentralized app store (dapps), which facilitates a base of more than 1 million monthly users to track, analyze, and locate dapp activity through an online platform. The platform now hosts 10,000 dapps from more than 30 protocols and offers a variety of consumer-friendly tools, including complete NFT pricing, portfolio management, and industry insights that can be done on a daily basis.
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SOURCE: DappRadar
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