According to the latest crypto industry report by Dappradar, which covers the third quarter of 2022, the crypto economy and its participants are “exiting the bear market.” However, many macroeconomic events have affected the crypto market these days, and researchers at Dappadar say that it is currently “impossible to predict the worldwide expansion of cryptocurrencies without a general correction in traditional financial markets.”
Dappradar report highlights the slow but steady recovery of the crypto economy
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The crypto industry is still dealing with the crypto winter and latest report Dappradar Indicates that the market and participants are trucking through the storm. For example, following the collapse of Terra, the decentralized finance (DeFi) and decentralized apps (dApp) industries have consolidated after taking heavy losses.
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clerk’s report shows bitcoin (btc) And Ethereum (ETH) The price has remained around the same since late June, but the two major crypto assets have a high correlation with the equity markets.
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“In Q3, the relationship between B T c And the S&P 500 rose, indicating that investors still consider crypto to be a riskier stock in the same category,” said the trader. Researcher Sarah Gherghelas description.
Furthermore, while Ethereum’s transition from proof-of-work to proof-of-stake via The Merge pushed up prices, the crypto market “cooled down after the event.” In addition, while the depradar’s Gherghelas Say the merge was a technical breakthrough, with layer two (L2) transactions recording a 36% drop.
Despite the overall performance of the cryptocurrency market, there has been a significant increase in technology adoption. In July, Polygon & Nothing Company announced a partnership to build Web3-native smartphones, while Disney, Ticketmaster, Mastercard and Starbucks became the latest leading brands to announce the integration of NFTs as part of their Web3 strategy. ,” Dappadar’s third quarter report further notes.
According to Dappradar researchers, a loss of $428.71 million was recorded during the third quarter of 2022. Most of the damage was stolen from the Nomad Bridge, Dapparadar explains, because $190 million was taken away from the bridge.
“On a positive note, these figures indicate a decline of 62.9% compared to the third quarter of 2021, when hackers and fraudsters stole $1,155,334,775,” said researchers at Dappradar. Over the past quarter, the study noted that in general, the DeFi ecosystem has shown improvement.
“Diffie shows signs of recovery with overall TVL up 2.9%” [total value locked] From Q2, Dappadar’s study notes. “Ethereum remains the most dominant chain, with dominance rising to 69% with $48 billion, a 3.17% increase from Q2.”
While the DeFi ecosystem and the crypto economy as a whole saw a decline in the third quarter, the non-fungible token markets also saw a decline in trading volume activity. Dpradar’s research shows that NFT trading volume is down 67%, but NFT sales volume is up 8.3% from the second quarter.
“The increase in sales indicates that there remains a strong demand for NFTs business, while the decline in overall trading volume could be due to a fall in cryptocurrency prices,” explains Dappadar’s research report.
The Dapradar report concludes that the global economy is dealing with “extreme challenges” and that in some people’s opinion, the tide could turn worse. The researchers note that it is possible “we may be in the early stages of the crisis” but when the tide turns, a rapid runup will eventually materialize.
“Undoubtedly, there will be another bull run, and it could be much stronger than the previous one,” said the closing statement statement of the Dappradar report. “Every time the market hits hard, it eventually gets stronger, and the quality of the initiative increases.”
What do you think about Dappadar’s Q3 industry report? Let us know what you think about this topic in the comment section below.
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