DappRadar, a leading decentralized applications store, published its February 2022 Dapp Industry Report.
The report reportedly reveals the resilience of the blockchain applications space despite ongoing challenges such as a bearish crypto market and geopolitical tensions caused by the Russia-Ukraine conflict.
According to the report, there have been an average of 2.35 million unique active wallets interacting with Dapps daily in February. Blockchain usage remained stable during this period, gaining 385% v losing about 5% compared to records reported in January. Ethereum’s market share and peer blockchain surpassed the network in terms of usage with Binance Smart Chain. The network recorded 608,000, about a 25% rise in daily use of the UAW connecting. Notably, Tezos and Flow networks gained momentum, gaining 23% and 49%, respectively. In addition, NFT saw high activity while DeFi dapps remained secured.
DeFi had $180 billion in assets locked in February, a 3% MoM increase. The data on DeFi dapps shows the market has regained ground after several months of backsliding. However, DeFi dapps had a 4% loss in daily usage share. There has been increased confidence in newer DeFi projects during this period, with Terra surpassing BNB Chain as Ethereum’s runner-up in total value-locked (TVL) rankings. Fantom, a layer-1 solution, increased its TVL tenfold from September 2021 to $11.1 billion in February.
Notably, the current macroeconomic conditions seem to draw large investors to the DeFi market, including BNY Mellon and JB Morgan. In addition, the Russia-Ukraine conflict is exposing the need for decentralization as cryptocurrencies continue to fund humanitarian and military aid.
Commenting on the report, Modesta Masoit, Head of Finance and Research at DappRadar, stated:
“During February, the blockchain space was very much business-as-usual, albeit in a bearish environment. Considerable gains or losses gave way to signals of consolidation and maturity and newer, challenger projects. We’ve got to divide February into pre-and post-Russia declaring war on Ukraine, however. Over the past few days, we’ve seen the true power and potential of the blockchain as the space rallied to aid Ukrainians via crypto. We’re on the cusp of a seismic shift in attitudes – to crypto, to the community, to values.”
NFT trading decreased to $10.6 billion, down from records seen in January. However, unique traders and sales count increased by 8% and 2%, respectively, with newer collections such as Clone-X and Azuki surpassing established projects such as CryptoPunks and Bored Ape Yacht Club. Ronin-housed Axie Infinity became the first collection to surpass $4 billion in all-time sales. Avalanche, NFT volumes grew 25% MoM and 1,320% versus numbers seen in 2021.
This report is the latest edition of DappRadar’s regular monthly industry report, the company’s flagship report series, which includes Dapp User Behaviour, Blockchain Gaming Report, the bi-monthly new Dapps reports, and Whale Analysis reports.