Despite the negative trend in the cryptocurrency market, the DappRadar January Dapp Industry Report shows usage of dapps mostly remained consistent with results observed in December 2021. An average of 2.47 million Unique Active Wallets (UAW) per day connected to a blockchain application in January, decreasing just 2% from Q4 2021.
For the first time since June 2021, the blockchain industry registered a slight decrease in the number of wallets connecting to dapps, coinciding with a bearish trend in crypto markets. However, this time, the drop in user activity was considerably less. To put it in perspective, in June 2021, the number of UAW decreased 23% after May’s price crash. This time, a 2% drop shows that dapp usage, particularly games, to be more resistant.
As mentioned, blockchain game users represent 52% of the 2.4 million daily active wallets interacting with dapps in January. That’s an improvement from the 49% measured at the end of 2021.
From the blockchain perspective, Polygon was the biggest gainer. Compared to December, the Layer-1 scaling protocol grew its wallet base by 78%, with play-to-earn games Crazy Defence Heroes, Sunflower Farmers, and mobile-friendly platform Arc8 behind the boost.
More interesting perhaps is that while the DeFi focussed BSC protocol led the pack regarding active wallets for most of 2021, we see a drop in January as more game-focused platforms like Polygon show increases. Axie Infinity’s custom Ronin blockchain stands out despite activity solely driven by the leading play-to-earn game and its Katana DEX. It shows how a platform can create a seamless loop between a blockchain game’s financial and playing side. Moreover, dapps in the games category appear to successfully retain a player base, a critical indicator of success.
For the complete picture of everything that’s been happening in the dapp and blockchain space in January 2022, read our latest report here, or watch the summary video below.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds ETH, BTC, AGIX, HEX, LINK, GRT, CRO, OMI, IMMUTABLE X, GALA, AVASTR, GMEE, CUBE, RADAR, FLOW, FTM, BNB, SPS, WRLD, ATOM, and ADA.
