Crypto Wallet Activity Growth Reveals Signs of Crypto Winter Thaw
Crypto wallet activity showed strong signs of improvement in October, according to recent research. This could be a sign that the ice of the crypto winter is slowly starting to melt.
On November 3, the industry measurement platform DappRadar released its market report for the month of October.
The average number of blockchain dApp unique active crypto wallets (UAW) topped 2 million for the month. This was an increase of almost 7% on September, it reported, before adding:
“This increase demonstrates the industry’s resilience in uncertain times once again.”
It specifically cited Ethereum staking platform Lido’s integration into layer-2 networks Arbitrum and Optimism as a factor in the increase. There was a peak in unique active wallets of 500% and 83% respectively on the networks.
BeInCrypto reported this week that the surge in Arbitrum wallets could be airdrop hunters.
DeFi and NFT crypto wallet activity is jumping
Furthermore, DappRadar reported that the NEAR Foundation and Google Cloud announced a new partnership. This caused a 1,333% increase in its unique active wallets.
DeFi total value locked also increased marginally in October. A 5.3% gain pushed TVL to $53.2 billion by the end of October, the report noted. However, it should also be noted that DeFi TVL is still down 74% from its peak this time last year.
Active DeFi wallets increased by 7% from last month, topping half a million UAW for the first time since June.
The NFT figures were also slightly better for the month. The number of unique traders rose 18% to 1.1 million, according to the report. In addition, NFT trading volume on Polygon increased in October, with a gain of more than 770% reaching $10 million.
“This shows that new people are interested in entering the NFT business and that demand remains high.”
On the flip side, NFT’s trading volume and the number of sales fell by 30% each for the period.
From a fundamental standpoint, October was a pretty good month for corporate interaction with crypto. Visa, PayPal and Western Union filed multiple trademark applications for crypto- and Web3-related services.
Crypto Market Outlook
Aside from crypto wallets, market action remains sluggish. There has been very little change over the past 24 hours, total capitalization holding steady at $1.05 trillion.
Leading crypto assets are cooling off from the relief rally last week, with both BTC and ETH marginally down on the day.
However, a handful of altcoins, including BNB, DOGE and MATIC, rounded out the week with double-digit gains.
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