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According to Dappradar\u2019s latest crypto industry report that covers 2022\u2019s third quarter, the crypto economy and its participants are \u201criding out the bear market.\u201d However, these days a number of macroeconomic events have influenced the crypto market, and Dappradar researchers say it\u2019s currently \u201cimpossible to foresee a worldwide expansion of cryptocurrencies without a general recovery in conventional financial markets.\u201d<\/strong><\/p>\n The crypto industry is still dealing with the crypto winter and the latest report from Dappradar<\/a> indicates that markets and participants are trucking through the storm. For instance, following the Terra collapse<\/a>, the decentralized finance (defi) and decentralized app (dapp) industry has consolidated after taking heavy losses.<\/p>\n Dappradar\u2019s report<\/a> shows that bitcoin (BTC)<\/a> and ethereum (ETH)<\/a> have remained roughly around the same price since the end of June, but the two leading crypto assets have a high correlation with equity markets.<\/p>\n \u201cIn Q3, the correlation between BTC<\/a> and the S&P 500 increased, showing that investors still consider cryptos in the same category as risky stocks,\u201d Dappradar\u2019s researcher Sara Gherghelas<\/span> details.<\/p>\n Moreover, while Ethereum\u2019s transition from proof-of-work to proof-of-stake via The Merge<\/a> pushed prices up, crypto markets \u201ccooled down after the event.\u201d Moreover, while Dappradar\u2019s Gherghelas<\/span> says The Merge was a technical success, a 36% drop in layer two (L2) transactions was recorded.<\/p>\n Despite the overall crypto market performance, technology adoption saw a significant upswing. \u201cIn July, Polygon and Nothing company announced a partnership to build a Web3-native smartphone, while Disney, Ticketmaster, Mastercard, and Starbucks became the latest leading brands to announce the integration of NFTs as part of their Web3 strategy,\u201d Dappradar\u2019s Q3 report further notes.<\/p>\n According to the Dappradar researchers, $428.71 million in losses were recorded during 2022\u2019s third quarter. Most of the losses were stolen from Nomad Bridge<\/a>, Dappradar explains, as $190 million was siphoned away from the bridge.<\/p>\n \u201cOn a positive note, these figures indicate a decline of 62.9% compared to the third quarter of 2021, when hackers and fraudsters stole $1,155,334,775,\u201d Dappradar\u2019s researchers add. During the last quarter, the study notes that in general, the defi ecosystem has shown improvement.<\/p>\n \u201cDefi as a whole showed signs of recovery with a 2.9% growth in TVL [total value locked] from Q2,\u201d Dappradar\u2019s study notes. \u201cEthereum remains the most dominant chain with its dominance increasing to 69% with $48 billion, a 3.17% growth from Q2.\u201d<\/p>\n While the defi ecosystem and crypto economy as a whole saw declines in the third quarter, non-fungible token markets also recorded a decline in trading volume activity. Dappradar\u2019s research shows NFT trade volume is down 67% but NFT sales volume increased 8.3% higher from Q2.<\/p>\n \u201cThe rise in sales indicates that the NFT business continues to be in great demand, whereas overall the drop in trading volume may be attributable to the decline in cryptocurrency values,\u201d Dappradar\u2019s research report suggests.<\/p>\n Dappradar\u2019s report concludes that the global economy is dealing with \u201cextreme challenges\u201d and in some people\u2019s opinions, the tides may get worse. The researchers note that it\u2019s possible \u201cwe may be in the beginning phase of the crisis\u201d but when the tides do turn, a bullish runup will eventually materialize<\/a>.<\/p>\n \u201cUndoubtedly, a further bull run will occur, and it may be much stronger than the last one,\u201d the Dappradar report\u2019s closing statements detail. \u201cEach time the market has difficulties, it eventually becomes stronger, and the quality of initiatives increases.\u201d<\/p>\nDappradar Report Highlights Crypto Economy\u2019s Slow but Steady Recovery<\/h2>\n
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