DappRadar Blockchain Behavior Report
Analytics company DappRadar has released a report on the most prominent behavioral trends in the blockchain sphere that shaped the technology in the third quarter of this year.
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DappRadar released Blockchain Behavior Report – Crypto Adoption On the Rise: Reddit Showing the Way? showing that 36% of smart contracts ever deployed and verified have been executed this year. Given the volatile global economy, this is a very high score.
Even in the face of the crypto bear market, 94% of people who use credit and debit cards are aware of digital currencies. This signals that cryptocurrencies are moving from being a niche asset for a limited set of investors to a widely used product.
According to DappRadar experts, one of the biggest Web3 events in 2022 is the release of the Reddit NFT.
Reddit's NFT collection attracted a huge number of users due to the marketing strategy of the marketplace. First, the collection was offered for fiat. Second, they avoided such terms from the crypto world as “NFT” and “CryptoWallet”. Reddit replaced them with “non-fungible tokens” and “vaults”.
The DappRadar report also showed that:
• 52% of gamers have never played a crypto game. Only 15% of Web3 users plan to enter the Play to Earn sector.
• The deployment of smart contracts in Q3 2022 increased by 40%, compared to the first quarter of the year.
• According to the results of the last month of Q3, the NFT trading volume on Cardano amassed over $191 million. On October 19, the total number of NFT transactions in this blockchain reached 82,880, which is the greatest number since May.
• Since July, Reddit members have registered 3 million crypto wallets on the Polygon network, surpassing OpenSea in the number of active wallets.
• Ukraine and Indonesia topped the list of countries with the highest growth of crypto adoption. Since July, the use of cryptocurrencies in these countries jumped 143.17% and 115.59%, respectively.
DappRadar also noted that Q3 was marked with SEC's threats. SEC Chairman Gary Gensler believes that most crypto assets are security contracts, calling on crypto exchanges to register as broker-dealers.
In contrast, the U.S. Congress is a possible advocate for crypto with numerous bipartisan proposals in support of cryptocurrencies. Consequently, the U.S. may follow the European Union, which has approved the MiCA bill (a comprehensive regulatory framework for cryptocurrencies in the 27 EU countries). The regulation is expected to come into effect in 2024, following legal review, parliamentary approval, and official publication.
The U.K. also keeps pace with crypto adoption. The country's Parliament recognized crypto assets as regulated financial instruments and products.
According to DappRadar, the development of cryptocurrency legislation is likely to have a positive effect on the industry, as digital assets will become more legitimate, and therefore gain mass adoption and global reach.
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