Signifying some hope in the midst of the ongoing winter, a DappRadar report suggests that the average number of Unique Active Wallets (UAWs) has increased in October. The average number of UAW blockchain dapps reached 2.01 million, according to the report. That’s an increase of 6.84% over September.
The rise in the number of UAWs has been due to multiple factors. Lido, the liquid staking platform on ETH, for instance, was integrated with Layer-2 protocols like Arbitrum and Optimism. The integration resulted in a 501% and 83% increase for the two protocols, respectively. A partnership between Near Foundation and Google Cloud too caused a 1,332% increase in UAWs.
DeFi picking up
Another noteworthy development in October is that the decentralized finance (DeFi) space showing signs of recovery. After consecutive month-on-month falls in Total Value Locked (TVL) in DeFi platforms, October saw a 5.33% increase from the previous month. The TVL touched $83 billion last month.
Ethereum remained the top chain with a TVL worth $51 billion. BNB Chain came in second with $8.3 billion.
Is the NFT market recuperating?
Meanwhile, 1.18 million unique traders reportedly entered the Non-Fungible Token (NFT) market last month. The surge amounted to an increase of 18% since September. The NFT space has been having a tough time for a while now, so the development comes as a surprise.
However, NFT trading volume decreased by 30% from September. The volume reached $662 million last month—the lowest amount to be recorded in 2022.
While all other leading smart contracts platforms, like Ethereum and Solana, registered a decrease in NFT trading volume, Polygon’s NFT trading volume spiked. With an increase of over 770%, Polygon has a trading volume of $10 million. The primary reason for the spike in NFT trading volume on Polygon is the popularity of Reddit’s NFT collection.
Over the coming few months, trading volume in NFTs is expected to increase as more brands and large corporations embrace Web 3.0 technologies. Companies such as Starbucks, Instagram, Del Monte, Kraft Foods, burger chain In-N-Out are expanding their presence with the launch of NFTs.
Also, leading NFT brands like Yuga Labs and Crypto Punks have regained $1 billion in valuation. The gains have been largely driven by an increase in NFT floor price.
The markets are experiencing high volatility due to interest rate hikes and worsening geopolitical conditions. The data provides some much-needed optimism in these tumultuous market conditions.
