The industry report for the third quarter from DappRadar, citing on-chain metrics, indicates that the cryptocurrency markets are showing signs of recovery from the ongoing bear market conditions.
A number of factors played their part in the busy third quarter of 2022, with Ethereum’s Merge تسجيل Successful turnaround for proof of stake It has a noticeable effect on Layer 2 activity prior to the event. The report also highlights a slight recovery in the overall market capitalization of cryptocurrencies, which remains below the trillion dollar mark.
The third quarter data reflected an 8.5% increase in the total cryptocurrency market capitalization from July to the end of September 2022. The decentralized finance space also showed signs of consolidation, with the total closed-end value (TVL) in the space increasing by 2.9% in the third quarter to $69 billion. Ethereum is still responsible for the bulk of TVL, with $48 billion locked in smart contracts.
DappRadar also highlights a 12% increase in unique active wallets across the cryptocurrency ecosystem on a quarterly basis, adding up to 1.8 million. The blockchain gaming sector contributed significantly, with unique wallet addresses increasing by 8% from August to September.
ImmutableX saw its unique active portfolios grow 30% over the same time period and recorded an 87% growth in non-fungible tokenNFT trading volume from the previous quarter, while Polygon followed a similar trajectory, seeing its unique active portfolios increase 17% to 148,000.
The number of non-fungible trades (NFTs) is up 11% from Q2 2022 while Ethereum NFT trading volume is down by a massive 76%. NFT’s total trading volume reached $2.71 billion during the third quarter, which is still a significant drop of 67% from the second quarter of 2022.
Yuga Labs-owned NFT ventures dominated the market in September, with Otherside, Bored Ape Yacht Club, Mutant Ape Yacht Club and CryptoPunks accounting for 46.21% of the total market capitalization of NFT.
Theft of crypto assets has also been highlighted once again, with blockchain bridges still being targeted. List DappRadar Files 190 million dollars from the exploitation of the Bedouin in August as a significant contributor to stolen crypto assets in the third quarter valued at $461 million. Wintermott, the algorithmic market maker, also surrendered to a 160 million dollars exploit during the same period.
The DappRadar report also highlights the impact of broader macroeconomic factors on the global economy. As central banks look to manage inflation to stave off the effects of recession by raising interest rates:
The current macroeconomic conditions have a significant impact on the cryptocurrency market, making it impossible to anticipate a global expansion of cryptocurrencies without a general recovery in the traditional financial markets.
This somewhat bleak outlook was countered by a number of positive events during the third quarter of 2022. The EU’s approval of the regulatory scheme for markets in crypto-assets indicates that governments are looking to carefully manage the industry.
Similarly, the White House published its “First Comprehensive Framework for the Responsible Development of Digital Assets” in September 2022 in an effort to protect investors, indicating that cryptocurrency has become a fully entrenched industry.
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