1 year ago
2022 volition spell down arsenic a challenging twelvemonth for the cryptocurrency and blockchain space, but the adversity faced has been strewn with plentifulness of positives for the decentralized exertion (Dapp) ecosystem.
DappRadar has released its yearly study connected the industry, focusing connected challenges faced alongside notable technological achievements and an expanding fig of progressive regular users.
Cointelegraph highlights the main takeaways from the DApp manufacture successful 2022, which are pertinent, considering macro factors similar inflationary concerns successful large economies, the illness of industry-specific projects similar Terra/Luna and FTX as good arsenic marketplace woes crossed the board.
Perhaps astir telling is unsocial progressive wallet information (UAW) from 2021 and 2022, demonstrating a 50% summation successful the mean regular UAW twelvemonth connected year. This is up from 1.58 cardinal regular users successful 2021 to an mean of 2.37 cardinal regular progressive users successful 2022.
Source: DappRadarIt indispensable beryllium noted that determination was a downtrend of DApp users from February 2022, which DappRadar associated with the escalating warfare successful Ukraine arsenic good arsenic crypto-specific achromatic swan events, including Terra/Luna and FTX’s collapse.
The decentralized concern (DeFi) manufacture was peculiarly affected successful the aftermath of Terra’s UST depeg and the resulting cryptocurrency marketplace decline, with a important driblet successful full worth locked (TVL) of astir 73% to $55 cardinal arsenic of December 2022.
Related: Gaming makes up implicit fractional of blockchain manufacture usage, DappRadar
Layer-1 DeFi protocols saw the biggest driblet successful TVL, with Ethereum experiencing a 74.5% simplification to $32.12 cardinal TVL, portion the 2nd biggest DeFi ecosystem, BNB Chain, recorded a 62.5% driblet successful TVL successful 2022. Layer2 protocols fared somewhat better, with Arbitrum falling 12% to $1.74 billion. Optimism's TVL accrued by 127.60%, hitting $669 million.
On-chain information for nonfungible token (NFT) trading measurement was successful opposition to DeFi's year-to-date. NFT trading measurement accrued by conscionable 0.41% twelvemonth connected year, portion the fig of unsocial traders accrued by a staggering 876% to scope 10.6 cardinal users successful 2022. NFT income besides trended positively, expanding by 10.6% to scope 68.35 million. OpenSea remains the astir fashionable NFT marketplace, accounting for 73% of integrated NFT trading volume.
Blockchain games played a important relation successful the DApp space, accounting for 49% of enactment successful 2022, with an mean of 1.15 cardinal regular UAW. In total, the assemblage produced 7.4 cardinal transactions this year.
Blockchain-powered trading paper crippled Splinterlands was the astir fashionable platform, according to DappRadar, increasing by 85% to scope 217,914 monthly unsocial progressive wallets successful 2022.
Terra’s implosion accounts for $40 cardinal of funds lost, portion DappRadar estimated the median nonaccomplishment per hack was astir $283,000, and losses per period were pinned astatine $728 million.
DappRadar integrated 49 blockchains, tracked 13,000 DApps and 13,500 NFT collections and noted that the accrued fig of DApps reflects the resilience and imaginable of the sector, with projects continuing to physique and innovate contempt a challenging macro environment.
Hacks, thefts and rug pulls are besides featured successful DappRadar’s 2022 review. A full of 312 attacks resulted successful full losses of $48.74 cardinal crossed the board, the highest magnitude connected grounds since Bitcoin’s inception backmost successful 2009.
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