DappRadar October Report Shows Growth in Crypto On-Chain Factors

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DappRadar, an industry analytics provider, published its October market report on November 3. According to the report for last month, there were over 2 million unique active crypto wallets (UAW) on blockchain dApps. It stated that this was an increase of over 7% from September before adding:

“This increase demonstrates the industry’s resilience during uncertain times once again.”

One reason for the growth was directly attributed to the layer-2 networks Arbitrum and Optimism’s inclusion of the Lido Ethereum staking platform. On the networks, there was an increase of 500% and 83%, respectively, in the number of unique active wallets.

DappRadar Reports Reveals Significant Growth in DeFi TVL

In October, the total value locked by DeFi climbed modestly. By the end of October, TVL had increased by 5.3% to $53.2 billion, according to the report. DeFi TVL is still down 74% from its peak at this time last year, it should be emphasized.

For the first time since June, the number of active DeFi wallets surpassed half a million UAW, up 7% from the previous month.

The NFT numbers for the month were also somewhat improved. The report states that there were 1.1 million unique trades, an increase of 18%. Additionally, the amount of NFT traded on Polygon increased significantly in October, rising by more than 770% to $10 million. The report noted:

“This shows that new people are interested in entering the NFT industry and that the demand is still high.”

On the other hand, NFT sales and trading volume both fell by 30% throughout the time frame.

Fundamentally speaking, October was a really strong month for business dealings using cryptocurrency. For services relating to cryptocurrencies and Web3, Visa, PayPal, and Western Union submitted more trademark applications.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.