Gaming corners 62% of active wallets in 'Uptober' as DappRadar reveals wall of bullish metrics

Web3 has shown signs of resurgence in this ‘Uptober,’ according to DappRadar’s latest industry report, suggesting the dApp market may have finally found its footing after a long bearish trend. The analysis points towards a potentially imminent bull run, as crucial metrics have either stabilized or recorded growth.

NEAR Protocol continues to lead with the most daily average unique active wallets (dUAW), growing by 7% to 687,000. Gaming dApps have seen a notable increase in activity, with their industry dominance rising to 62%. This sector now accounts for 1.66 million dUAW, a 17% increase from September.

The Decentralized Finance (DeFi) landscape, while seeing a 14% rise in Total Value Locked (TVL), has experienced a 13% drop in dUAW. Ethereum maintains its stronghold in the DeFi space, with a 10% increase in TVL, but Solana outpaces all with a 40% surge.

The NFT market has broken its year-long decline, with trading volumes spiking by 32% to $405 million, nearing August levels. Notably, Ethereum dominates this uplift, while other chains have seen reductions in sales volumes.

Security within web3 has improved significantly, with a 93% reduction in funds stolen via hacks and exploits. The reported $800,000 average loss per incident in October is the lowest in the year, hinting at a growing savviness among web3 users.

DappRadar’s analysis underscores a cautious optimism for the dApp industry’s future, linking positive trends in gaming and NFT trading with potential market recovery. This bounce-back in web3 is paralleled by the fall in exploit cases, suggesting an overall maturation of the space. However, consistent growth across several months is needed to confirm a true market turnaround.

The full report is available on the DappRadar website.