Analytical service DappRadar notes that the technical use of dApp remains stable despite the fall in cryptocurrency rates.
DappRadar posted a February report stating that dApp usage has grown by 385% since February 2021 and attracts 2.35 million unique active wallets (UAW) daily.
However, dApp usage is still technically down 5% compared to January. It has remained surprisingly stable given that crypto prices have been falling since November 2021. The authors of the report note that the conflict between Russia and Ukraine has become an additional cause for concern.
The report states that the NFT market and token adoption continues to grow, although trading volume is on a downward trend. On-chain data shows that the number of unique traders and the number of NFT sales increased by 8% and 2%, respectively, compared to the previous month. This points to a growing user base even though NFT sales were down 28% to just $4 billion from the previous month.
Analysts expressed the view that DeFi adoption trends have not changed significantly since the market peaked in November 2021. Custody and investment banks including NBY Mellon, JP Morgan and Mitsubishi UFG have confirmed interest in both cryptocurrencies and DeFi. The authors of the report believe that the blocking of bank accounts by Canada in February was a good marketing ploy for a more decentralized ecosystem.
“While the potential mass adoption of DeFi may seem far off compared to gaming and NFTs, this type of macroeconomic impact, along with a more mature DeFi ecosystem, could quickly change markets,” the paper says.
The report also highlights the growth of NFT, DeFi and Web 3 in ecosystems beyond Ethereum. Although Ethereum continues to dominate these domains, alternative networks appear to be “attracting more users to their networks.” For example, Binance Smart Chain sees an average of 608,000 UAWs connected to its network every day. However, this number is still 17% lower compared to January.
Additionally, some of the most valuable and best-selling NFT collections are traded outside of Ethereum. These include the Ronin Axie Infinity collection and NFT from Crabada, a game where you can earn a decentralized application on Avalanche. On the Avalanche network, NFT volume rose 25% mom.
Analyst service DappRadar recently calculated that in January 2022 alone, investors invested a quarter of $4 billion in GameFI. In January, Dapp Radar published a report that NFTs and blockchain-based games are less dependent on the situation in the cryptocurrency market, unlike the DeFi industry.