DApps
NFT sales topped 101 million in 2022: DappRadar report
Over the last year, nonfungible tokens (NFTs) continued to play an important role in the growing Web3 industry. NFTs initiated a shift away from hype-based drops, to utility-centric projects with long-term value. A new DappRadar report on blockchain and decentralized application (DApp) adoption in 2022 revealed that the NFT sale count last year reached 101 million — a 67.57% increase from the previous year. According to the report, the Ethereum ecosystem holds the top spot in the NFT ecosystem, holding 21% of the market share and over 21.2 million transactions processed. It is followed by Wax (14.5 million), Polygon (13.3 million) and Solana (12.9 million). Both the Solana and ImmutableX ecosystems saw massive growth from the previous year in terms of transaction activity, with a 440%...
Axelar launches $60M startup ecosystem program
The proof-of-stake (PoS) blockchain Axelar launched on Dec. 19 a $60 million startup funding program dedicated to accelerating the development of decentralized applications and protocols that can replace centralized exchanges. The initiative is backed by over 15 blockchain investors. Dubbed Axelar Ecosystem Startup Funding Program, the initiative was designed to foster the development of Web3 applications addressing global issues that cannot be solved by the centralized internet. To qualify for funding, projects must also safeguard digital sovereignty, security and privacy, and work to onboard masses easily without unnecessary friction between specific blockchains or tokens, noted the company. Sergey Gorbunov, Axelar co-founder and CEO, told Cointelegraph about the development: “2021...
Traders expect 200% upside from MATIC, but does Polygon network data support that?
In the past year, Polygon (MATIC) has focused on growing their list of high-profile partners which includes luminaries like Disney, Starbucks and Robinhood. The recent announcements of partnerships with both Instagram and JPMorgan have speculators pushing the token price up nearly 200%. In addition to partnerships, blockchain adoption through network usage is important to analyze. Blockchain adoption can be analyzed by looking into daily active users of the blockchain, protocols using the technology, number of transactions and total locked value. Total value locked on Polygon rises above $1B Total value locked (TVL) is one cryptocurrency indicator used to assess the market’s sentiment towards a particular blockchain. TVL on Polygon requires utilizing the MATIC blockchain and locking ...
BNB Chain cools off after 24% surge, but strong fundamentals could back the next BNB rally
After an impressive 23.7% rally between Oct. 25 and Oct. 31, Binance’s BNB (BNB) coin has faced a strong rejection from the $330 resistance. Is it possible that the two-day 6% sell-off from the $337.80 peak could indicate that further trouble is ahead? Let’s take a look at what the data shows. BNB 12-hour chart on Binance, USD. Source: TradingView Analysts pinned the recent rally to the Oct. 28 news that Binance invested $500 million in Twitter. However, the network’s deposits and decentralized application (DApp) metrics have not accompanied the improvement in sentiment. The strong upward movement was largely based on reports that Binance was preparing to assist Twitter in eradicating bots. The speculation emerged after billionaire Elon Musk raised the $44 billion required to complete...
Cardano Vasil upgrade ready with all ‘critical mass indicators’ achieved
The Cardano Vasil upgrade is set to take place in less than 24 hours on Sept. 22, with the Cardano team noting all three “critical mass indicators” needed to trigger the upgrade are now met. A Sept. 21 update on Twitter by the company behind Cardano, Input Output Hong Kong (IOHK) states within the last 48 hours 13 cryptocurrency exchanges had confirmed their readiness for the hard fork, representing over 87% of Cardano’s (ADA) liquidity. With this latest addition we have met all 3 critical mass indicators: 39 exchanges upgraded (87,59% by liquidity)Over 98% of mainnet blocks are now being created by the Vasil node (1.35.3)The top Cardano #DApps by TLV have confirmed they have tested and are ready — Input Output (@InputOutputHK) September 21, 2022 Of the top exchanges for ADA liquidity, Coi...
BNB Chain launches a new community-run security mechanism to protect users
BNB Chain, the native blockchain of Binance, has launched AvengerDAO, a new community-driven security initiative to help protect users against scams, malicious actors and possible exploits. The security-centric decentralized autonomous organization (DAO) has been developed in association with leading security firms and popular crypto projects such as Certik, TrustWallet, PancakeSwap and Opera, to name a few. The AvengerDAO security initiative mainly consists of three major components, namely a passive API system called Meter, a subscription-based alert system called Watch, and a programmable fund management system called Vault. When a user on the BNB Chain interacts with any applications or counterparties, AvengerDAO adds an additional layer of security. The Meter API system fetches s...
DApp activity rises 3.7% in August for the first time since May: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. Decentralized applications, or DApps, finally showed a glimmer of recovery in August as the daily average of unique active wallets rose by 3.7% compared to May. With just under a week left for the Merge, SEBA Bank has opened Ethereum staking services for institutions. On the other side, layer-2 scalability solutions are hopeful of seeing a significant cut in their carbon emissions post Merge. This past week, two DeFi protocols became victims of coordinated flash loan attacks. On Wednesday, Avalanche-based lending protocol Nereus Finance became the victim of a crafty hack that saw a user net $371,000 worth of USD C...
DeFi DApps activity rises 3.7% in August for first time since May — Report
DeFi dapps showed a slight recovery for the first time since May, with the daily average of unique active wallets (UAWs) increasing 3.7% on a month-over-month basis, according to a report from DappRadar. The rise was partially driven by the Flow protocol, which rose 577% UAW due to Instagram’s support of its NFTs and the game Solitaire Blitz. On the other hand, Solana UAW shrank by 53% in August from the previous month, while transactions dropped by 68%, the findings showed. There were 1.67 million unique wallets connected to blockchain DApps in August, down 3.52% from last month, and down 14.73% compared to August 2021. Source: DappRadar Among industries, gaming accounted for over 50% of the activity usage, with 847,230 daily UAW, although it is down 11% and the numb...
Gaming makes up over half of blockchain industry usage, DappRadar
New data from DappRadar suggests that gaming remains a vital organ to the blockchain industry. According to the report, the gaming sector accounts for approximately 50.51% of industry usage month-over-month (MoM), as per August numbers. While overall the numbers are a good indicator for the sector, it is a decrease from the previous month. Last month, the gaming sector made up approximately 57.30% of industry usage (MoM). The data from DappRadar comes from the daily Unique Active Wallets (UAW). According to the surveyor, there are around 847,230 gaming-related UAW active daily with nearly $698 million in transactions. Source: DappRadar Gaming has long been touted as a gateway to the world of Web3, blockchain, and crypto. Another recent survey from ChainPlay highlighted that of 2,428 survey...
Cardano hard fork ‘ever closer’ as upgraded SPOs account for 42% of blocks
Input Output Hong Kong (IOHK), the blockchain company behind the Cardano network says the much anticipated Vasil hard fork is “ever closer” after revealing the state of three critical indicators that will trigger the mainnet update. In a Twitter thread posted on Aug. 25, IOHK shared its latest “rollout status” of the Vasil upgrade to its 265,800 followers, with updates on “three critical mass indicators” which will determine when the mainnet update will go ahead. This includes having 75% of mainnet blocks produced by nodes running 1.35.3, around 25 exchanges upgraded (representing 80% of liquidity) as well as the top ten key mainnet Dapps also having upgraded. on Thursday, the blockchain company noted that Stake Pool Operators (SPOs) running the latest node 1.35.3 now account fo...
A sharp drop in TVL and DApp use preceded Avalanche’s (AVAX) 16% correction
After an impressive 73% rally between July 13 and Aug. 13, Avalanche (AVAX) has faced a 16% rejection from the $30.30 resistance level. Some analysts will try to pin the correction as a “technical adjustment,” but the network’s deposits and decentralized applications reflect worsening conditions. Avalanche (AVAX) index, USD. Source: TradingView To date, Avalanche remains 83% below its November 2021 all-time high at $148. More data than technical analysis can be analyzed to explain the 16% price drop, so let’s take a look at the network’s use in terms of deposits and users. The decentralized application (DApp) platform is still a top-15 contender with a $7.2 billion market capitalization. Meanwhile, Solana (SOL), another proof-of-work (PoW) layer-1 platform, holds a $14.2 billio...
EOS price jumps 20% for biggest gain in 15 months — What’s fueling the uptrend?
EOS rose approximately 20% to reach $1.66 on Aug. 17 and was on track to log its best daily performance since May 2021. Initially, the EOS rally came in the wake of its positive correlation with top-ranking cryptocurrencies like Bitcoin (BTC) and Ether (ETH), which gained over 2% and 3.75%, respectively. But, the upside move was also driven by a flurry of uplifting updates emerging from the EOS ecosystem. EOS/USD daily price chart. Source: TradingView EOS incentive program launch On Aug. 14, the EOS Network Foundation (ENF), a nonprofit organization that oversees the growth and development of the EOS blockchain, opened registrations for its upcoming Yield+ incentive program. The Yield+ is a liquidity incentive and reward program to attract decentralized finance (DeFi) application...
