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Home EVM News Polygon Chain

NFTs, Gaming, and Multi-Chain Services Drive Increased Blockchain Activity in April – DappRadar Report

by ethozedge
May 5, 2022
in Polygon Chain
Reading Time: 5 mins read
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NFTs, Gaming, and Multi-Chain Services Drive Increased Blockchain Activity in April - DappRadar Report

Key takeaways:

  • Overall dApp activity in April recorded a slight month-over-month increase
  • The NFT market recovered from a six-week cooldown period and facilitated $6.3 billion in monthly trading volume
  • Gaming dApps continued their strong performance in April, having accounted for over 50% of all blockchain activity in the month

Blockchain activity in April sees a modest month-over-month increase

The blockchain activity measured in the number of Unique Active Wallets (UAW) interacting with decentralized applications (dApps) recorded a slight increase in April, according to a new industry report by blockchain analytics firm DappRadar.

On average, more than 2.36 million UAW interacted with various dApps each day in April, a 0.2% change compared to March 2022. BNB Chain (568,000 daily UAW) and Wax (492,000 daily UAW) accounted for the largest share of connected wallets in the past month. The third and fourth most active dApp platforms were Polygon and Hive, which indicates that the popularity of blockchain gaming shows no signs of slowing down.

Blockchain activity by category

Image source: DappRadar

Per DappRadar, game dApps accounted for over half of all UAW, with titles such as Splinterlands, Alien Worlds, and Farmers World recording over 100,000 interactions with unique wallets each day.

Solana recorded the most considerable relative increase in the number of users interacting with its dApps. Case in point, 58% more UAW connected to Solana in April than in the month prior. The MoM increase could perhaps be even higher if it weren’t for a major outage during the release of the NFT collection Metaplex Candy Machine at the tail end of April, which led to an 8-hour halt of operations on the network.

Most active blockchains

Image source: DappRadar

Non-fungible tokens (NFTs) resumed their strong performance in April after a relatively lackluster March. As a result, we’ve seen network congestion on Solana lead to the previously mentioned outage and Ethereum gas fees spiking amid the virtual land sale for Yuga Labs’ Otherside. In total, more than $6.5 billion in trading volume was recorded across NFT marketplaces in April.

NFT monthly trading volume

Image source: DappRadar

Terra solidifies its spot as the second largest DeFi ecosystem

While blockchain gaming and NFTs mostly beat their March numbers, the same can’t be said for the decentralized finance (DeFi) sector. The total value of locked funds (TVL) plunged 12% MoM, which can be attributed to the negative price movement of major digital assets during the past month. Despite the notable monthly decrease, TVL was still 47% higher in April 2022 than in April 2021.

While the majority of leading DeFi ecosystems experienced a notable decrease in their receptive TVLs in April, Terra successfully resisted the broader trend and managed to increase its market share to 15% of TVL. Terra is now the second largest DeFi ecosystem, trailing only Ethereum. 

DeFi's TVL 1-year performance (April 2021 to April 2022)

Image source: DappRadar

Terra’s stellar performance in recent months can largely be attributed to the popularity of Anchor Protocol, a popular savings dApp that lets UST owners earn up to 20% APY on their stablecoin deposits. In addition, Terra’s recently launched BTC-denominated UST reserve fund and a deal with Avalanche have had a markedly positive impact on Terra’s ecosystem growth.

April blockchain activity numbers bode well for the future

The DappRadar researchers highlighted the fact that the industry managed to withstand the impact of faltering cryptocurrency prices, which gives reason to be optimistic about the future. The researchers wrote:

“April was an exciting month overall for the dapp industry. Although usage levels remain stagnant from Q1, and the entire crypto market keeps struggling, the trends and signals observed in the three main categories are promising.”

The reason for the optimistic outlook lies mostly in the fact that NFT trading numbers recovered from their multi-week slump in April, while the blockchain gaming sector recorded another successful month. Even DeFi, which was the worth performing category in April, showed positive signs. The researchers noted that TVL decreased “at lower rates than the underlying cryptocurrencies,” which provides ample “room for growth” going forward.



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Tags: ActivityAprilbitcoin newsBlockchaincrypto analysiscrypto newsDappRadarDriveEthoz EdgeGamingIncreasedLatest bitcoin newslatest crypto newsmultichainNFTsReportServices
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