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DappRadar’s Q3 report shows positive signs in the crypto market

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Decentralized app store, DappRadar, is back with another incredible industry report, within its pages, providing an in-depth analysis of the broader crypto market as it unfolded in Q3 2022.

Through its impeccably researched publications, DaRadar has identified a general upward trend. However, the total market cap still appears to be slightly below the elusive $1 trillion mark. Despite this, crypto has responded favorably to the ongoing bear market, as the general economy remains plagued by high interest rates and an emerging recession, with the overall crypto market cap increasing by 8.5% since July.

Yug Labs dominates the NFT sector

At odds with the less informed media, NFTs continue to perform well, recording an impressive 21.9 million trades in Q3. However, a deeper dive into the metrics shows that Yuga Labs features Goliath accounts for 46.21% of the entire NFT market.

Ethereum Merge shakes things up a bit

Towards the end of Q3, the long-awaited Ethereum merge arrived to shake the crypto tree. Initially, see a The value decreased by 15.75% For ETH tokens, from which it has not yet been recovered. Its forked counterpart, ETHW, on the other hand has shrunk by 75% as holders seek to sell their airdropped tokens.

A 36% drop in Layer 2 transactions since the merger, in addition to a 27% drop in Uniquely Active Wallets (UAW), has seen a more significant impact on the Layer 2 side of operations. Nevertheless, both Arbitram and Optimism bucked the trend, and saw significant growth, partly on the back of OpenSea’s adoption of the two chains.

DeFi on the road to recovery

Following the cataclysmic events that unfolded on Terra Chain, DeFi has begun its recovery, seeing a modest 2.9% increase in total value locked since the last figures released in Q2. The result brings up the overall figure A healthy $69 billionWhile the Ethereum chain accounts for the largest share in the DeFi sector with 69.9% dominance.

Positive signs across the crypto industry

All in all, the industry has seen healthy growth since DappRadar’s Q2 report, positioning itself firmly as it enters Q4, with both European and US governments taking the market seriously, highlighting the maturity of the crypto industry.

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*All investment/financial opinions published by NFT Plaza are derived from the personal research and experience of our site moderators and are intended as educational material only. Individuals should do thorough research on any product before making any type of investment.



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