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According to Dappradar’s report, crypto is not suffering much from the bear market

Dappradar
Dappradar

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As per Dappradar’s most recent crypto market report, which includes the third quarter of 2022, the virtual currency financial system and its parties are weathering the market crash. Nevertheless, several financial and economic events have recently impacted the virtual currency industry. Dappradar experts think a global expansion of digital currencies is impossible without an overall recovery in traditional financial markets.

The virtual currency sector is still facing the crypto cold season, according to the most recent Dappradar study, and businesses and attendees are hauling through the hurricane. For example, in the aftermath of the Terra breakdown, the distributed finance, and distributed app industries have consolidated after suffering significant losses.

According to Dappradar, ethereum and bitcoin have been trading at approximately the exact cost since June, but the top two virtual currency investments strongly correlate with stock markets.

According to Dappradar research scientist Sara Gherghelas, the connection of BTC with the  S&P 500 enhanced in Q3, indicating that shareholders still classify cryptos as risky stocks.

Furthermore, while Ethereum’s transformation from proof-of-work to proof-of-stake through The Merge drove up rates, crypto exchanges cooled off following the occasion. Furthermore, while Dappradar’s Gherghelas claims The Merge was a technological success, there was a 36% decrease in layer two exchanges.

New ventures despite the loss

Regardless of the overall achievement of the cryptocurrency world, technology adoption increased significantly. Nothing Company and  Polygon revealed a collaboration in July to develop a Web3-native mobile phone. In contrast, Starbucks, Mastercard, Ticketmaster, and Disney had become the latest famous brands to reveal the assimilation of NFTs as a component of their Web3 strategic plan.

Damages of $428.71M were noticed throughout the third quarter of 2022, as per Dappradar investigators. According to Dappradar, the majority of the damages were thieved from Nomad Bridge, which was robbed of $190M.

On the plus side, these figures show a 62.9% decrease from the third period of 2021, when cybercriminals and scam artists embezzled $1,155,334,775. The researchers showed that the defi environment has generally improved over the past quarter.

Defi had shown signs of improvement, with a 2.9% increase in TVL from Q2. Ethereum stays the most dominant network, increasing its supremacy to 69% with $48B, a 3.17% increase from Q2.

Whereas the defi environment and the virtual currency financial system experienced a decrease in the third quarter, exchange volume operation in NFT markets also decreased. According to Dappradar’s studies, the NFT volume of trade is flat at 67%, but the NFT volume of sales is up 8.3% from Quarter 2.

The increase in sales suggests that the NFT industry remains in high demand, while the overall decline in transaction volume could be due to the decrease in virtual currency values.

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