DappRadar’s October Report: The Crypto Business Still Expanding Despite Massive Hacks

In its October report, DappRadar, a global marketplace for decentralized applications, stated that the crypto industry has rebounded and reached a market cap of $1 trillion.

The Crypto Market Cap is Over $1 Trillion

Despite the $1 billion losses due to hacks reported throughout the month, the bitcoin market cap increased to $1 trillion in October.

Averaging 2.01 million per day in October, or a 6.84% rise from September, the number of Unique Active Wallets (UAW) for blockchain dapps on the market. These facts may indicate the industry’s resistance to the broader economic downturn.

Over a Million Traders Now use NFTs

NFTs, or nonfungible tokens, have become a crucial component of the digital asset market. According to DappRadar, NFT trade volume fell 30% from September to $662 million, the lowest amount ever seen in 2018.

Nevertheless, despite the drop in NFT trading volume, there were 1.11 million more unique traders than before, an increase of 18%.

Compared to August, OpenSea’s market dominance dropped by 8.3% in December. Additionally, the platform’s NFT trading volume dropped by 12.1% ($313 million) from one month to the next, marking its lowest level since July 2021.

While the NFT market continues to dwindle, the adoption of blockchain technology in the gaming industry is exploding. One of the most promising web3 industries, according to DappRadar, was the gaming industry, which had an average of 898,481 daily UAWs in October.

DeFi is Still Recovering

The decentralized finance (DeFi) market is recovering with the larger crypto ecosystem. At $83 billion, the industry saw a growth of 5.33% last month.

With $51 billion TVL, an increase of 9.52% over September, Ethereum continues to be the most popular chain. Ethereum’s dominance over other blockchains declined from 69% in September to 61.97% in October. With $8.3 billion in TVL and an increase of 8.57% from September, BNB comes in second. The recently discovered BNB Chain vulnerability has no impact on the metric.

After several weeks of underwhelming performance, the crypto market eventually reached a market valuation of $1 trillion last month as it continued its gradual comeback.

According to the research, more than $1.2 billion in short liquidations occurred about 24 hours after the crypto market began turning green on October 25. The crypto market, at last, broke away from the narrow price range it had been fluctuating in since September.

Altcoins made a strong comeback in October, led by Dogecoin (DOGE). DOGE reached six-month highs at the end of the month, closing at $0.12, up 50% over the previous 30 days. Elon Musk’s purchase of Twitter and Dogechain’s release of its future roadmap were the main causes of this price surge.

The recovery occurred despite the unprecedented security breaches that were exposed last month. The biggest amount of money was lost this month ($1.09 billion), according to DeFi scams, hacks, and exploits database DEFIYIELD.

82% of the reported exploits from last month included cross-chain hacking. Francisco Valdevino da Silva, often known as the “Bitcoin Sheikh,” is this month’s largest fraudster.

According to Brazilian officials, Francisco allegedly cheated and laundered up to 4 billion Brazilian reals (or $766 million) from thousands of Brazilians and residents of at least ten other nations.

Coupled with the bear market, 2022 might eclipse 2021 as the biggest year for crypto and blockchain hacking if things continue.