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Gaming corners 62% of active wallets in ‘Uptober’ as DappRadar reveals wall of bullish metrics Gaming corners 62% of active wallets in ‘Uptober’ as DappRadar reveals wall of bullish metrics

Gaming corners 62% of active wallets in ‘Uptober’ as DappRadar reveals wall of bullish metrics

With trading volumes spiking 32%, the NFT market shakes off its year-long decline.

Gaming corners 62% of active wallets in ‘Uptober’ as DappRadar reveals wall of bullish metrics

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

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Web3 has shown signs of resurgence in this ‘Uptober,’ according to DappRadar’s latest industry report, suggesting the dApp market may have finally found its footing after a long bearish trend. The analysis points towards a potentially imminent bull run, as crucial metrics have either stabilized or recorded growth.

ChainUnique Active Wallets (Sep)Unique Active Wallets (Oct)Average dUAW, % change MoM
Near641K687K7%
BNB Chain446K433K-3%
Wax328K313K-5%
ZKsync302K242K-20%
Polygon194K199K3%

NEAR Protocol continues to lead with the most daily average unique active wallets (dUAW), growing by 7% to 687,000. Gaming dApps have seen a notable increase in activity, with their industry dominance rising to 62%. This sector now accounts for 1.66 million dUAW, a 17% increase from September.

The Decentralized Finance (DeFi) landscape, while seeing a 14% rise in Total Value Locked (TVL), has experienced a 13% drop in dUAW. Ethereum maintains its stronghold in the DeFi space, with a 10% increase in TVL, but Solana outpaces all with a 40% surge.

The NFT market has broken its year-long decline, with trading volumes spiking by 32% to $405 million, nearing August levels. Notably, Ethereum dominates this uplift, while other chains have seen reductions in sales volumes.

Security within web3 has improved significantly, with a 93% reduction in funds stolen via hacks and exploits. The reported $800,000 average loss per incident in October is the lowest in the year, hinting at a growing savviness among web3 users.

DappRadar’s analysis underscores a cautious optimism for the dApp industry’s future, linking positive trends in gaming and NFT trading with potential market recovery. This bounce-back in web3 is paralleled by the fall in exploit cases, suggesting an overall maturation of the space. However, consistent growth across several months is needed to confirm a true market turnaround.

The full report is available on the DappRadar website.

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