The latest DappRadar report is out, and once again, the blockchain and crypto space continues to show massive growth with overall growth of the industry at over 25% quarter-over-quarter (QoQ) and over 500% YoY.
In September 2021 alone, over 1.7 million unique active wallets (UAW) connected to decentralized applications (dapps) while the play-to-earn movement continued to experience massive growth at over 140% QoQ.
The NFT space saw an increase of over 700% QoQ having generated over $10 billion in trading volume.
Below are the Q3 2021 report highlights:
- The blockchain industry grew 25% QoQ reaching 1.54 million daily UAW. This is a 509% YoY growth
- UAW connecting to game dapps increased over 140%
- Splinterlands was the most played dapp in the industry with over 1,376% usage growth. The dapp reached over 238,000 UAW in September 2021 alone
- Axie Infinity became the most traded NFT collection surpassing $2 billion in historical trading volume having surpassed 1.5 million active users and generating over $776 milion in revenues during the quarter
- PanCakeSwap was the second most used dapp after Axie Infinity with a 39.83% increase QoQ
- The Binance Smart Chain (BSC) saw an impressive 1,701% growth in daily UAW within the GameFi space
- The NFT space saw over 704% growth in trading volume translating to over $10.67. This is a 38,060% increase YoY
- In-game interms generated over $2.3 billion in trading volume representing 22% of the total NFT volume
- August 2021 was a record-breaking month for the NFT market surpassing $5.2 billion trading volume
- Ethereum dominated the NFT space at over 77.73% while Ronin accounted for 19.53% of the market
- Ethereum accounted for 69.72% of the industry’s DeFi metric
- The total-valued locked (TVL) in DeFi grew by over 53.45% which translates to $178.12 billion
- BSC was the second largest network in TVL having grown by 9.98% during the quarter
- Solana was the 3rd largest blockchain with over 1,300% increase in TVL during the quarter
- Terra was the 4th largest blockchain with over 8.09 billion in TVL which translates to 137% QoQ growth
Q3 2021 had a major milestone with Axie surpassing $2 billion in all-time trading volume, becoming the first dapp to reach that number. Compare this with the closest collection of CryptoPunks which lags by $800 million behind.
Splinterlands, another successful game during the quarter, is one of the dapps that sustains an entire blockchain, representing 95.6% of the Hive blockchain’s traffic. This is also the case with Upland on EOS and to a lesser extent, Alien Worlds on WAX.
BSC games are also all the rage. Among the most popular games on BSC are CryptoBlades and Mobox.
The NFT space is experiencing a complete evolution with renowned celebrities joining these exclusive communities further strengthening the social outlook of the NFT space.
NFT have also merged with blockchain games allowing a true sense of ownership with in-game items generating over $2.3 bilion trading volume during the quarter – 22% of the total NFT volume.
Solana also emerged as a DeFi powerhouse to become the 3rd largest blockchain in Q3 2021. With only 2 out of the top 20 DeFi dapps in Solana by TVL being multichain, the case for Solana grows stronger. 3 DeFi dapps on Solana are well above th e$1 billion mark in TVL.
At the same time, Terra, the 4th largest blockchain during the quarter is home to 4 dapps that hold more than $1 bilion in TVL. Terra also hosts one of hte most-traded stablecoins in DeFi, the Terra USDT (UST).
Ethereum however remains unmatched as the incumbent blockchain dominating at 70% of the DeFi space. At the same time, dapps on the protocol continue to hold and grow their value. Notably Aave grew by 44% and Lido saw over 213% growth during the quarter.
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