DappRadar’s October Report: crypto market continues to grow despite record hacks

Crypto Update
6 Min Read

Latest report from DappRadar has revealed that the crypto market continues to grow despite massive crypto hacks. The market is now worth over $1 trillion.

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The number of unique active wallets (UAWs) for blockchain dApps reached a daily average of 2.01 million in October, an increase of 6.84% from September. This shows that the market has maintained its resilience against macroeconomic turmoil.

NFT trading volume decreased

NFT Trading volumes in October declined 30% from September numbers to $662 million, the lowest trading volume recorded so far this year. The number of sales also decreased by 30% month-on-month.

While trading volume decreased, the number of unique traders increased by 18% to 1.11 million.

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In October, Ethereum’s NFT trading volume declined 21% to $324 million, the lowest NFT trading volume since June 2021. Solana’s NFT trading volume dropped 49% in August and July to return to its average trading volume.

Although there was a slight increase in Solana’s NFT trading volume in September, which was due to y00ts collection,

OpenSea’s market dominance also decreased by 8.3% in October compared to August. NFT trading volume on the Marketplace also declined 12.1% month-on-month to hit its lowest level since July 2021.

An interesting trend within the NFT market is that the market is now retreating against NFT collections that generate ongoing revenue through royalties. The rise of royalty-free rivals is posing a threat to NFTs that charge royalty fees.

Fractional NFTs, particularly “F-NFTs” and NFT baskets, are also gaining popularity because they allow users to invest in a limited percentage of an NFT. On that note, platforms such as Fractional, Niftex and DAOFI that allow individuals to buy and trade F-NFTs in the same way an investor can trade stocks on Robinhood are now popular among NFT enthusiasts.

Gaming Blockchain Technology Sector

However the UAW in the blockchain gaming sector is down 2% from last month’s numbers. Blockchain gaming dominance has also dropped from 48% to 45%.

However, despite its lack of dominance, blockchain gaming remains one of the most promising industries in Web3 with a daily UAW of 898,481 in October.

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Defy Gets Well

Number of UAW in Decentralized Finance (DeFi) For the first time since June, the sector has risen 7% from September’s numbers to more than 500K UAW.

The total value locked (TVL) in the DeFi platform is also showing signs of recovery after reaching $83 billion after a 5.33% increase in October.

Ethereum still remains the most popular chain in the DeFi space with a TVL of around $51 billion after a 9.52% increase from September. However its dominance has dropped from 69% to 61.97% as compared to other chains.

The second most popular chain is BNB with a TVL of around $8.3 billion after a growth of 8.57%. This is despite the recent BNB chain (bnb/usd) to exploit.

Crypto Market Cap Back Above $1 Trillion

After months of a bear market, the crypto market has finally surged above $1 trillion following a bullish market trend since October 25. Bears seem to have taken a back seat in the form of most cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH) records consistent daily gains.

However, the sudden market rebound didn’t go without some injuries as more than $1.2 billion of short positions were liquidated when the market turned bullish on the first day.

The crypto market cap is on the rise despite recent security hacks. According to the database of DeFi scams, hacks and DEFIYIELD, this month has seen the most losses in an entire year. Around $1.09 billion worth of crypto assets have been stolen through a security hack.

Cross-chain bridges seem to be a major target for hackers, with 82% of October’s losses due to cross-bridge hacks.

The biggest hack in October was Francisco Valdevino da Silva, aka “Bitcoin Sheikh”, where the hacker defrauded thousands of Brazilians and citizens of at least ten other countries with up to 4 billion Brazilian reals (about $766 million). and robbed.

conclusion

It Looks Like October Marks The End Of Long Crypto bear market After the market came out above the $1 trillion market cap. Despite the hacked and stolen crypto asset registering the highest value in 2022, it has raised optimism among investors and traders.

Big businesses are getting more involved in crypto, with companies filing for trademarks like Visa, PayPal, and Western Union. DappRadar predicts that the bull run will continue and the bull run may be stronger than the previous ones.

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