November busiest month in blockchain history
In November a record 2.5 million unique active wallets connected and interacted with dapps on the blockchain. DappRadar’s Dapp Industry Report indicates that gaming was responsible for half of all the activity, while DeFi increased its influence thanks to the rise of new protocols.
When compared to October, the number of unique active wallets increased 15% month over month to almost 2.5 million unique active wallets per day. This number doesn’t automatically translate to the number of users, because one user can have multiple wallets across different blockchains. Nonetheless we’ve seen tremendous growth in November.
The number of wallets connecting to game dapps increased 4% in November. Axie Infinity, Splinterlands and Alien Worlds were the usual suspects, responsible for the lion’s share of the activity. However, the GameFi sector on BSC continues to attract users as well. “Gaming and gamification are infiltrating the NFT space in full force, challenging the popular — and now almost traditional — perception of NFTs as collectibles by adding utility and layering DeFi mechanics. It is games that now lead dapp usage too, and it is games that are the gateway into the metaverse. 2020 was The Year of DeFi, giving way to a 2021 for NFTs capped by virtual worlds. As these three categories converge and catalyze, 2022 will undoubtedly be The Year of the Metaverse,” said DappRadar Head of Finance and Research Modesta Masoit.
However, the biggest growth came from the DeFi sector, where the Avalanche, Ronin and Harmony blockchains have seen significant user growth. The unique active wallets connecting to DeFi dapps has grown 30% in the past month. The impact of Trader Joe and Katana, two decentralized exchanges on Ronin and Avalanche respectively, has been particularly considerable.
New November report out now
DappRadar has published the Dapp Industry Overview: November 2021. It’s the latest overview of the entire dapp industry, highlighting trends and developments backed up with on-chain data. The dapp industry continues to expand across different verticals in November 2021. Boosted by the metaverse narrative, the usage of play-to-earn dapps, and the value of virtual lands on the rise, the industry maintains its upwards momentum. Read the entire report here.