Cryptocurrencies News Today

DappRadar, a leading global dApp store and blockchain analytics firm, has released the November Industry Report. After a month marred by setbacks like the FTX exchange's closure and an uptick in hacks, frauds, and exploits involving the decentralized financial industry, the report underlines the industry's remarkable resiliency. The DappRadar Report's key takeaways On average, there were 1.9 million Unique Active Wallets (UAWs) in November, down barely 5% from October, according to data compiled by DappRadar. This is despite the fact that a substantial decrease was expected after the collapse of one of the largest exchanges at the time. DappRadar says the low outflow demonstrates the blockchain industry's robustness in the face of adversity. Blockchain gaming takes a hit Blockchain-based gaming, while still popular, saw a sharp fall during the period under review. Considering the gaming industry's solid performance throughout Q2 and Q3, this development likely came as a shock. The percentage of UAWs in the sector fell from 45% to 42%. In November, 326,592 copies of Gods Unchained were purchased, resulting in a trading volume of $18.3 million and keeping the game at the top of sales ranking. Axie Infinity, another top game, saw sales drop by 37% and NFT trade volume drop by 38% to $3.32 million. DeFi didn’t perform well either The overall value of DeFi protocols on all the major blockchains dropped after FTX went bankrupt. Ethereum, the leading DeFi chain, finished the month with $32.1 billion in TVL, a decrease of 24% from the previous month. Because to its close ties to FTX, Solana suffered more damage than any other protocol. On average, November saw a 65% drop in Solana blockchain activity to 39,768 dUAW. Also, Solana's share of the DeFi market fell from 61.79% to 49%, showing a decline in its dominance there as well. The TVL for Solana-based DeFi had it much worse, with a 71% decline to $366 million. Notably, DappRadar reports that t he TVL dropped the most on November 9th, the day Binance abandoned plans to acquire FTX. On that day, it fell 11%, from $73.89 billion to $65.7 billion. NFTs record lowest sales volume in 2022 DappRadar also notes a 17.47% decrease in NFT trading volume. Month-to-month USD NFT trading volume dropped 17.47% to $546 million in November compared to October. This is the smallest value of trading volume recorded in 2022. The monthly sales figure also fell by 22.24%. OpenSea's market share grew by 0.9% from October to November. However, their NFT trading volume fell by 17.33% ($258m) during that period. That's the lowest daily volume we've seen since July 2021. DappRadar also noted a decline in November's unique traders compared to the previous month. NFT unique traders dropped to 886,694 last month, a reduction of 20.29% from the previous month. It's the smallest figure we've recorded so far this year. November heists saw nearly $5 billion lost to crime The amount of money stolen from blockchain users by scammers, hackers, and exploiters increased in November, reaching $4.88 billion. Unfortunately, that's the highest monthly total for the year. Layer-2 protocols record gains L2 protocols had a better outing in November. Arbitrum, a Layer-2 protocol, saw a 91.19% growth in unique active wallets from the previous month, while Optimism saw a 52.87% increase. The surge in Arbitrum can be attributed to investors' interaction with the protocol, hoping to qualify for the forthcoming crypto token airdrop.