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Blockchain Usage Spikes Despite Crypto Crashing

Posted by
Hristina Yordanova

Dapp usage is soaring while Bitcoin loses more than 9% in 24 hours

According to DappRadar’s data for the past 24 hours, blockchain usage for all of the top 20 dapps at the moment is displaying upward trends. This is happening regardless of the global downwards trend in the crypto industry, with Bitcoin and Ethereum losing more than 9% and 10% of their value in the past 24 hours respectively.

It is worth noting that a large percentage of the upwards trend among dapps comes from DeFi platforms. Games and NFT marketplaces like Alien Worlds, R-Planet, Uniswap, and PancakeSwap also benefit from increased interest. Just last week, PancakeSwap secured more than 1 million unique wallets in the span of seven days.

The continued interest in NFTs and play-to-earn gaming, take Axie Infinity and Alien Worlds as an example, pushes the remarkable performance of dapps across the board. Recently, Axie Infinity has been outputting impressive performance and reaching results very close to those of OpenSea. 

Despite cryptocurrencies losing value in the past 24 hours, the need for customers to use decentralized applications or trade NFTs remains. The blockchain industry is in an upward movement, registering 1 million unique wallets in May according to the latest Dapp Industry Report.

Why is this happening?

Over the past month, cryptocurrencies have been experiencing significant volatility caused by a combination of factors. Regulatory pressure and social media influences are just a couple of these trend pushers. Then how come dapps are performing so well?

While decentralized apps are built on the same blockchains as cryptocurrencies, their underlying value comes from useability rather than price. This is one of the main reasons why dapps are not suffering a decrease in users during bearish crypto periods. 

An interesting trend that is emerging is that more WAX-based dapps are entering the top positions in the DappRadar rankings. Games like R-Planet and Alien Worlds offer low-entry barriers and a play-to-earn mechanism. This allows users to earn tokens through their gaming activity. 

Blockchain usage – DeFi and NFTs

According to our data, PancakeSwap remains the top used dapp over the past 24 hours, with an increase in users by more than 9%. Decentralized finance platforms remain a leading activity booster across the board. While the value of certain tokens might be falling, DeFi services thrive. Platforms like PancakeSwap and Uniswap still attract a lot of attention. Staking and yield farming continue to create a certain value for investors despite the falling price of crypto tokens.

NFT marketplaces are a second important factor boosting the performance of dapps at the moment. Our latest industry overview report shows that the interest in NFTs and NFT marketplaces remains strong. Game-related marketplaces and collections like Axie Infinity and NBA Top Shot push a strong upwards trend in the NFT sector. 

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