DappRadar’s 2022 Annual Report Highlights Rising Blockchain Adoption Amid a Year of Crypto Turmoil
Kaunus, Lithuania –News Live– Chainwire
DappRadar, the global dapp store, has announced its annual year-end report for the blockchain, dapp and crypto industries in 2022. It was a year marked by one of the most brutal crypto winters yet, characterized by the huge drop in the value of most major cryptocurrencies and a series of disasters such as the collapse of the FTX exchange . But somehow, the crypto industry showed its resilience with dozens of incredible technological achievements throughout the year.
The best example of this was Ethereum’s Merge, where the network successfully transitioned from a proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS) to reduce energy consumption by an incredible 99.9%. Also, hundreds of developers kept their heads down and continued to build while enduring bear market conditions, with several exciting new projects emerging as a result. Arguably, the industry has also learned from many of the hard lessons it endured in 2022, with many projects showing impressive resilience as the ground collapsed beneath their feet.
DappRadar’s 2022 Annual Report also offers some surprising growth metrics, showing that the dapp industry as a whole saw a 50% increase in daily unique active wallets, consolidating dUAW to 2.37 million, up from just 1.58 million dUAW at the end of 2021. Despite this increase, the industry appears to have consolidated activity this year, and since the turn of the year has been on a downward trend. The continued adoption of blockchain by both consumers and businesses, along with the growing support of investors, has helped the industry consolidate. This confirms the industry’s resilience and maturity.
The report highlights the challenges these negative events presented to the crypto industry, with the biggest being a sharp decline in cryptocurrency prices throughout the year and a significant drop in Total Value Locked in DeFi, which dropped 73.97% to just $55 billion in December. .
That said, the DeFi industry continues to persevere and Ethereum still leads the way with $32.12 billion TVL, down 74.56%, followed by BNB Chain in second place with $6.5 billion TVL, down 62.5 %. DappRadar also highlighted some of the least affected blockchains, namely scaling solutions like Arbitrum, which saw its TVL fall by just 12.07% to $1.74 billion. On the other hand, Optimism’s TVL rose by an impressive 127.6% to reach $669 million.
There were a number of positive takeaways from the NFT sector as well, with trading volume up slightly by 0.41% compared to a year earlier, despite the decline in token prices. Also, the number of unique NFT traders increased by an incredible 876.89% from a year earlier to more than 10.6 million. Total sales increased accordingly, by 10.16%, to 68.35 million.
The NFT sector was shaken by the emergence of several new marketplaces in the past year. Of these new entrants, by far the most impressive was X2Y2, which achieved more than $1.5 billion in annual trading volume to become one of the top 10 marketplaces in the industry. Another new player is Blur, which only launched in October but has already done more than $205 million in trading volume, enough to reach 10th place in the overall rankings.
Further signs of resilience came from the blockchain gaming industry, which accounted for 49% of all dapp activity in 2022, making it the largest segment overall. At the end of the year, the sector averaged 1.15 million dUAW, with a total of 7.4 billion transactions. Of the top games, Splinterlands held the top spot with 217,914 monthly UAWs, up 85.78% from the previous year, while Alien Worlds retained second place despite mUAWs falling 3.67% to 178,118.
Of course, it would be wrong to say that everything went smoothly for the crypto industry in 2022, with DappRadar’s report highlighting the ongoing proliferation of hack attacks and exploits that resulted in billions of dollars in losses. In 2022, DappRadar recorded 312 crypto attacks that led to the loss of over $48 billion of crypto assets. By far the biggest was the Terra Luna scandal, which indirectly led to losses of over $40 billion. However, the vast majority of hacks targeted centralized exchanges, DappRadar found, with losses there totaling $44.71 billion. Excluding the Terra Luna scandal, fraud volume is relatively low, with a median loss per hack of $283,000 and a total loss of $345 million per month.
Overall, it was a challenging year for the blockchain industry, but also one in which it showed both resilience and maturity. Perhaps the biggest takeaway from the report is that the use of blockchain technology continued to grow through 2022 – a fact that suggests that, despite today’s challenges, the future for the industry remains bright.
About DappRadar
Founded in 2018, DappRadar is the world’s Dapp Store: a global decentralized application store (dapps), making it easy for its base of more than 1 million users per month to track, analyze and discover dapp activity via the web platform. The platform currently hosts more than 12,000 dapps across 49 protocols and offers a wealth of consumer-friendly tools, including comprehensive NFT valuation, portfolio management and daily industry-leading, actionable insights.
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Dan Edelstein
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