Dappradar’s Q3 Industry Report Shows Crypto Economy and Participants “Out of Bear Market” – Bitcoin News

According to Dappradar’s latest crypto industry report covering the third quarter of 2022, the crypto economy and its participants are “out of the bear market.” However, these days a series of macroeconomic events have influenced the crypto market, with Dappradar researchers saying that it is currently “impossible to foresee a global expansion of cryptocurrencies without a general recovery in mainstream financial markets.”

Dappradar Report Highlights Slow But Steady Recovery Of The Crypto Economy

The cryptocurrency industry is still dealing with the crypto winter and the latest report from Dappradar indicates that markets and participants are riding through the storm. For example, following the collapse of Terra, the decentralized finance (defi) and decentralized applications (dapp) industry has consolidated after suffering heavy losses.

Dappradar’s report shows that bitcoin (BTC) and ethereum (ETH) have remained roughly the same in price since the end of June, but the top two crypto assets are highly correlated with stock markets.

Dappradar's Q3 Industry Report Shows The Crypto Economy And Participants Are

“In Q3, the correlation between BTC and the S&P 500 increased, showing investors still view cryptocurrencies in the same category as risky stocks,” Dappradar said. researcher Sara Gherghelas details.

Additionally, while Ethereum’s transition from proof-of-work to proof-of-stake via The Merge pushed prices higher, crypto markets “cooled off after the event.” Also, while Dappradar Gherghelas says The Merge was a technical success, with a 36% drop in layer two (L2) transactions.

Dappradar's Q3 Industry Report Shows The Crypto Economy And Participants Are

Despite the overall performance of the crypto market, the adoption of technology saw a significant increase. In July, Polygon and Nothing company announced a partnership to build a Web3-native smartphone, while Disney, Ticketmaster, Mastercard and Starbucks became the latest leading brands to announce NFT integration as part of their Web3 strategy. , reports Dappradar’s third quarter report. more notes.

According to Dappradar researchers, $428.71 million in losses were recorded during the third quarter of 2022. Most of the losses were stolen from the Nomad Bridge, Dappradar explains, as $190 million was diverted from the bridge.

“On a positive note, these figures indicate a decrease of 62.9% compared to the third quarter of 2021, when hackers and fraudsters stole $1,155,334,775,” added Dappradar researchers. Over the past quarter, the study notes that overall, the defi ecosystem has shown improvement.

“Defi as a whole showed signs of recovery with 2.9% growth in TVL [total value locked] of the second trimester”, indicates the Dappradar study. “Ethereum remains the most dominant chain with its dominance rising to 69% on $48 billion, a 3.17% growth from Q2.”

Dappradar's Q3 Industry Report Shows The Crypto Economy And Participants Are

While the defi ecosystem and the crypto economy as a whole saw declines in Q3, non-fungible token markets also saw a decline in trading volume activity. Dappradar research shows that NFT trading volume is down 67%, but NFT trading volume is up 8.3% from Q2.

“Increased sales indicate that the NFT business remains in high demand, while overall the drop in trading volume can be attributed to declining cryptocurrency values,” the research report suggests. Dappradar.

Dappradar’s report concludes that the global economy is dealing with “extreme challenges” and, in some people’s view, the tides may turn for the worse. The researchers note that it is possible that “we could be in the early phase of the crisis”, but when the tides turn, a bullish rally will eventually materialize.

“A new bull run will undoubtedly take place, and it may be much stronger than the previous one”, detail the final statements of the Dappradar report. “Every time the market has difficulties, it eventually gets stronger and the quality of the initiatives increases.”

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Bitcoin, BTC, cryptoeconomics, cryptocurrencies, cryptocurrency stocks, dappradar, dappradar.com, dApps, decentralized applications, decentralized finance, DeFi, demand, ETH, Ethereum, nft, NFT, non-fungible token, q3, report, researchers, S&P Correlation 500, Sara Gherghelas, Studio, The Merge, Commercial Volume

What do you think of Dappradar’s Q3 Industry report? Let us know what you think about this topic in the comments section below.

jamie redman

Jamie Redman is the news lead at Bitcoin.com News and a fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

image credits: Shutterstock, Pixabay, Wiki Commons, Images via Dappradar Q3 Industry Report

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