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Activities in the crypto industry like adoption of digital assets and blockchain have grown even in current unstable situations
- Reports say that growth in crypto space has been steady and stable despite instability and chaotic situations at world level
- Despite war like situations where market conditions all over remains bearish, global crypto acted opposite
Well known app store-like facility provider in crypto and decentralized space, DappRadar has released reports about Dapp industry performance in February month. The reports found that activities across the blockchains and Defi space remained steady while every other market was in bearish conditions. On top of that, the NFT market seems to be in a consolidation phase.
Reports from DappRadar also noted that governments and traditional financial institutions appear to take interest in Web 3 and blockchain technologies. Blockchain technology seems to bring various use cases and ways to fix real life issues.
As per the reports it has been seen that decentralized applications usage has seen growth of 385% since last february and managed to attract on average 2.35 million new active wallets per day. However usage in January went down by 5%, but still it would be considered a steady hold amidst the constantly falling price since November.
Russian military invasion in Ukraine on 24 february brought extra skepticism inside and concerns in addition to already fluctuating market correction. It affected for a while initially but later on appeared to thrice back during the whole conflict. Bitcoin, which was almost dipped down to $35K even before the war between Russia and Ukraine started, has been trading at $40K approx till yesterday. Then people started considering crypto assets more valuable and better options to have against the crashing Russian ruble.
Talking about NFTs, adoption is consistently on rise although trading volume is being traded downwards. Month by month the unique traders counts and NFT sales counts have gone up by 8% and 2% respectively. This is a clear indication of growing user base although sales of NFT shrunk by almost 28% which accounted for just $4 billion traded volume last month.
DeFi adoption also made some notable changes since the market peak of November. Interest in crypto and DeFi applications has been confirmed by custodian and investment banks like NBY Mellon, Mitsubishi UFG and JP Morgan, etc.
Citing the incident of freezing bank accounts in Canada in February, DappRadar quoted it as a marketer incident for a more decentralized ecosystem. While the mass adoption of decentralized finance appears far when compared to fames and NFTs but such macroeconomic implications like alongwith mature DeFi ecosystem that can quickly change the narrative.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
