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On October 6th, 2022, biggest decentralized application store DappRadar published “Q3 Industrial Report” which showed many key factors indicating the recovery in the crypto market. Clearly the border crypto market has been struggling since the start of this year. The first two quarters witnessed significant drops in numerous indicators, from crypto and NFTs prices to their trading volume to overall valuation and many others.
Apparently the market has been through heavy bloodshed and the DappRadar report also highlighted the same with potential consequences. The report highlighted that many investors and users are taking leave from the market amidst the ongoing crypto winter.
Many instances turned out to be the reason behind bringing the recent worst crypto winter. Russia-Ukraine war, weak macroeconomic circumstances, Terra (LUNA) network collapse, etc. were among the major reasons behind the crypto industry—including decentralized finance (defi) and decentralized applications (dapp) space—to face heavy losses.
The report also noted the fact that major cryptocurrencies like bitcoin (BTC) and ethereum (ETH) have been roaming around the same price for over three months now. However, the report also mentioned their correlation with US stocks and equity market which many analysts and experts also shed light on.
Sara Gherghelas, one of the researchers at DappRadar, stated the correlation of top cryptocurrency and S&P 500 index has seen a growth during Q3, 2022. This implies that the customer’s are treating crypto assets and stocks with risky nature in a similar category.
DappRadar highlighted the major events that took place during Q3, in which Ethereum’s Merge upgrade was on such an event. The upgrade resulted in pushing the price upwards but it did not last for long.
Although the environment all around is quite tense and full of uncertainties, the adoption department has seen notable growth. According to the report, companies like Polygon and Nothing announced their partnership citing the plan of developing a smartphone native to Web 3.
Meanwhile, other big brands like Disney, Ticketmaster, Mastercard and Starbucks also emerged as the prominent brands taking lead within the space. They also announced their Web3 strategy which includes integrating non-fungible tokens.
The report highlighted the crypto industry also suffered significant losses during the third quarter of 2022. It specifically mentioned the instance of Nomad Bridge compromise which resulted in loss of 190 million USD.
However, DappRadar researchers added the positive side citing reduction of about 62.9% in the size of stolen amount in comparison to last year’s Q3. The stolen amount was around 1,155,334,7775 USD last year. Researchers cited the development in defi ecosystem and overall security as the main reason behind the reduction in digital attacks.
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.
