Gaming corners 62% of active wallets in ‘Uptober’ as DappRadar reveals wall of bullish metrics News โธ Ethereum · NEAR Protocol · Solana โธ Gaming
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.
1 min read
Updated: Nov. 3, 2023 at 3:08 pm UTC
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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.
| Chain | Unique Active Wallets (Sep) | Unique Active Wallets (Oct) | Average dUAW, % change MoM |
|---|---|---|---|
| Near | 641K | 687K | 7% |
| BNB Chain | 446K | 433K | -3% |
| Wax | 328K | 313K | -5% |
| ZKsync | 302K | 242K | -20% |
| Polygon | 194K | 199K | 3% |
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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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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