- Unique active wallets across top web3 platforms like NEAR Protocol and Polygon rose significantly in October, indicating increased user activity. NEAR led with a 7% increase to 687,000 daily active wallets.
- NFT trading volumes spiked 32% to $405 million in October, breaking a year-long slump. Ethereum drove most of this NFT growth while other chains saw declines.
- Funds stolen via web3 exploits dropped 93% in October to $800,000 average per incident, the lowest this year. This points to improved security practices among users.
Recent data from DappRadar reveals optimistic signs for the web3 industry, with key metrics stabilizing or seeing growth after a prolonged bearish period. The analysis indicates potential for an imminent bull run.
Web3 Sees Increased User Activity in October
Unique active wallets, a key metric of user activity, rose significantly in October across top web3 platforms like NEAR Protocol and Polygon. NEAR led growth with a 7% increase in daily average unique active wallets to 687,000. The gaming sector saw substantial gains, now accounting for 62% of activity.
NFT Trading Volumes Break Year-Long Decline
The NFT market has broken its year-long slump, with trading volumes spiking 32% to $405 million. This nears August 2021 levels. Ethereum has driven most of this NFT growth while other chains saw declines.
Fewer Exploits Point to Maturing Web3 Security
October saw a 93% decrease in funds stolen via web3 exploits, with the average loss per incident dropping to $800,000 – the lowest this year. This hints at strengthening security practices among users.
Conclusion
DappRadar’s data reveals tentative signs of recovery for web3, as gaming and NFTs prosper while exploits fall. However, sustained strength over several months is required to confirm the market has genuinely turned around.
