Report

DappRadar Blockchain Industry Report: Highlights of July 2022

1 July 202216 pages2,891 words

Summary

The July 2022 DappRadar Blockchain Industry Report analyzes the state of the decentralized application ecosystem during a significant market downturn. The findings indicate that while the broader crypto industry remains trapped in a bear market influenced by the collapse of Terra and macroeconomic pressures like U.S. inflation, specific sectors—most notably blockchain gaming—demonstrate remarkable resilience. The report covers global trends across decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming, utilizing data on Unique Active Wallets (UAW) and Total Value Locked (TVL) to measure health and engagement. Data shows that dapp activity reached a yearly low in July with 1.68 million daily UAW, a 4% decrease from June. DeFi was the hardest-hit segment, with UAW dropping below 500,000 for the first time since early 2021. Despite this, DeFi TVL saw a 22% recovery during the month, rising to $82.3 billion, led by growth on Ethereum, BNB Chain, and Tron. The report also highlights the continued "crypto contagion" following the Celsius Network bankruptcy filing, which has increased calls for international regulatory frameworks like the EU’s MiCA. The NFT market experienced a contraction, with monthly trading volume failing to reach $1 billion for the first time in over a year. Market dynamics are shifting as OpenSea’s dominance fell from 84% in May to 58.6% in July, facing increased competition from new entrants like the GameStop and Nickelodeon marketplaces. Conversely, the gaming sector emerged as a primary industry driver, accounting for nearly 60% of all dapp usage. With nearly 1 million daily UAW, blockchain games grew 8% month-over-month, suggesting that immersive mechanics and venture capital interest are insulating the segment from the prevailing "crypto winter."

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