According to a DappRadar Report despite attacks, security exploits, and geopolitical tensions, the blockchain ecosystem has mostly remained unaffected.
During the first three months of 2022, cybercriminals and exploits hauled in at least $1.19 billion. The macros haven’t been too helpful either. However, users in the blockchain realm have not been deterred by uncertainty and war-related concerns.
As per to DappRadar, in the first quarter of 2022, the decentralized application (dApp) business has 2.38 million daily unique active wallets (UAW) connected to blockchain applications. Further, the Industry Report published has stated that blockchain usage has remained consistent, despite a 6 percent drop from Q4 2021. It’s worth noting that usage increased by 396 percent from the first quarter of 2021.
The total value locked (TVL) of the industry and the number of unique active wallets connected to DeFi dApps both fell in lockstep with the price of cryptocurrencies.
The DeFi TVL has reversed 8.4 percent since December 2021 by the end of March.
Despite the decrease in usage and TVL, the research stated that DeFi’s appeal has consolidated and is evolving to extend its reach.
The DeFi market has subsequently recovered, and while Ethereum remains the market leader in terms of TVL, Terra has managed to establish itself as the second most valuable network in terms of TVL, with $23 billion locked at the end of March, up 68 percent from Q4 2021.
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