The Crypto Bear Market’s Influence on Dapp User Activity

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Find out which dapps have managed to stay on top, and which have taken a dive amid serious bearish market trends

Bear market trends have swept over the crypto space, and many dapps face the challenge of surviving during these difficult times. Yet, some projects have managed to rise above and improve their performance. In this article, we’ll take a look at which dapps boosted their user numbers, and which were affected by the bear market crisis.


  • The DeFi space was hit the hardest. Underlying tokens for many of the dapps in that category saw significant valuation drops
  • Some NFT collections managed to stay on top and boost trading volumes and activity. However, the overall trend shows that NFTs were also affected by the bear market 
  • Gaming dapps are the most resilient in the bunch. Many of them attracting more users compared to the previous week and boosting their performance despite gaming token values dropping as well
  • The dapp space is relatively stable, despite the rising concerns and the looming bear market trends

How has the crypto bear market affected DeFi dapps?

Not everything is doom and gloom in DeFi. Even as the valuation of many dapp tokens dropped significantly in the past seven days. The Terra LUNA and UST fiasco left a bitter taste in many investors’ mouths, which in turn impacted some of the DeFi dapps we track at DappRadar. Check out the seven-day performance of the top 6 DeFi dapps below.

DeFi Gainers – Solana stands out

BSC leader PancakeSwap managed to stay in the green, boosting its user base by over 13%. The swapping and staking platform attracted over one million unique active wallets in the past seven days. In the meantime, the platform’s native token CAKE lost 16.2% of its value. 

Solana’s Orca decentralized exchange also managed to float above the bear market trends. The dapp attracted 3% more users in the past seven days, boosting the total to over 300,000 unique active wallets. Despite the spike in activity, Orca’s native token saw its valuation drop by more than 23% in the past week.

Raydium, another Solana top-performer, manages to defy the downward trend during the bear market. It boosted its unique active wallet count to over 50,000 in the past week. While this represents close to a 5% increase compared to the week before, the exchange’s native token RAY lost over 18% in valuation. 

DeFi Losers – Avalanche and Ronin are struggling

When it comes to the DeFi dapps that are struggling to keep up with the downwards trends, Avalanche’s Trader Joe and Ronin’s Katana DEX seem to be the most affected out of the top performers in the category. 

Trader Joe, the most visited Avalanche swap and farming platform, lost about 5% of its user base compared to the week before. The dapp still attracted over 60,000 unique active wallets, however, the chain’s native token AVAX lost more than 20% of its value, which possibly deterred some investors. 

The Axie Infinity ecosystem has been struggling ever since the Ronin bridge hack several months ago. Now the bearish market trends also bring down activity on Katana DEX. In the past week, the exchange saw close to 10% fewer unique active wallets. Additionally, both SLP and AXS saw significant price drops of 38% and 19% respectively. 

GoodDollar, one of the rising stars on the Fuse blockchain, also saw a slight drop in the number of unique active wallets registered in the past seven days. Still, the platform recorded close to 100,000 wallets, which makes it the most visited dapp on the Fuse chain. 

Some NFT collections stand out as crypto bear market safe havens

Much like other crypto assets, NFTs are not unaffected by the spiraling trends in the crypto space. Still, there are some collections that manage to withstand the blows of the next crypto winter. Below we’ll examine three projects that have seen growth in the past week, and three collections that seem to be struggling despite their blue-chip status.

NFT Gainers

CryptoPunks has boosted its trading volume by more than 63% in the past seven days. Despite a slight drop in the floor price of the collection, it seems the OG Ethereum collectibles are maintaining their value, even during a bear market. CryptoPunks attracted 135% more sales and over 100unique traders in the past week. 

Invisible Friends is also showing strong signs of growth. The collection saw its floor price increase by 21%, reaching close to $10,000. What’s more, Invisible Friends attracted 140% more sales and close to 300 unique traders in the past seven days. 

CloneX NFTs are strongly defying the crypto bear market trends as well. While the average sale price for the collection is dropping, the floor price is on the rise, reaching $27,670 in the past week. Additionally, 17% more traders interacted with the collection, while sales spiked 20% to over 340.

NFT Losers

Bored Ape Yacht Club is one of the biggest NFT collections in the space, but even this status is not enough to keep away the bear market trends in the past week. It is true that BAYC has been on quite the upwards run in the past several months, but this seems to be over for now. In the past week, Bored Apes attracted close to 50% less in trading volume, as the number of traders and sales registered by the collection’s smart contracts also dropped. 

Mutant Ape Yacht Club follows much the same trajectory as its predecessor BAYC. The second Yuga Labs collection saw 21% fewer traders interacting with its smart contracts in the past week. The project also generated close to 45% less trading volume compared to the week before. An important note here is that both BAYC and MAYC saw small spikes in floor price valuations, despite the dropping activity. 

Last but not least, Doodles also seems to be struggling. In the past seven days, Doodles saw a significant floor price reduction of 17%, while activity also took a dive. The collection generated 48% less trading volume compared to the week before, and also saw the number of traders plummet. 

Gaming dapps are overshadowing the negative bear trend with rising activity

Gaming dapps across all blockchains seem to be completely unaffected by the bear cycle. While there are dapps that have lost user activity in the past week, this is the sector of the space that still shows the greenest arrows across the board. 

Gaming Gainers

Splinterlands, Alien Worlds, Farmers World, and Galaxy Blocks have seen significant spikes in activity, attracting more user wallets compared to the previous week. Splinterlands leads the charge with over 473,000 unique active wallets. This is a close to 3% increase compared to the week before. Farmers World also saw a similar boost, attracting over 167,800 unique active wallets. 

Alien Worlds, another top performer in the gaming category boosted its user base by an impressive 18.9%. While this was not enough to surpass leader Splinterlands, Alien Worlds attracted over 337,000 unique active wallets. 

Gaming Losers

While Mobox and Upland have lost about 10% and 5% of their user base compared to the week before, both dapps are still ranking among the most visited in the space. Mobox attracted over 127,000 unique active wallets in the past seven days, while Upland did even better with more than 148,800 unique active wallets. 

Despite the red indicators, Mobox and Upland make frequent appearances in the weekly top games ranking by DappRadar. Still, Mobox saw its native token MBOX lose more than 26% of its valuation over the past seven days. This is an indication that the platform has been affected by the bear market trends.

Industry overview

The DappRadar industry overview confirms the conclusions drawn above. DeFi saw a small dip in activity, however, the sector is stable, without any major drops in user interest. Of course, the serious turbulence surrounding Terra and its two main tokens LUNA and UST has raised a red flag. 

Collectibles have also seen a stable performance in the past seven days. There was a slight spike in activity on May 14th, but overall the NFT and collectibles space has not been hit by the falling token prices and bearish reluctance. 

Last but definitely not least, it seems like gaming dapps are invincible. While many blockchain gaming platforms saw the prices of their native tokens plummet, activity in the sector is on the rise. This is one of the spaces in the industry that sees a continual rise in interest and attention from crypto enthusiasts. If you want to check out the full industry overview, check out the dedicated page on DappRadar

DappRadar will continue monitoring activity across all sectors of the crypto industry. While bear markets might be scary, data is one of the most valuable resources that can help you navigate the space better. Browse around the top gaming dapps, most visited DeFi platforms and the hottest NFT collectibles to get the most up-to-date insights. Additionally, you can follow DappRadar on Twitter to get the latest crypto news first. 

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