Crypto Wallet Activity Growth Reveals Signs of Crypto Winter Thawing

crypto wallet According to recent research, the activity showed strong signs of recovery in October. This could be a sign that the ice of the crypto winter is slowly starting to melt.

On November 3, industry metrics platform DappRadar released its market report for the month of October.

The average number of Blockchain DApp Unique Active Crypto Wallets (UAW) is above 2 million for the month. This was an increase of about 7% compared to September, before it was reported adding:

“This growth once again demonstrates the resilience of the industry during uncertain times.”

It specifically cited the integration of Ethereum staking platform Lido into the layer-2 network Arbitrum and Optimism as a factor driving the growth. Unique active wallets on the network grew by 500% and 83% respectively.

BeInCrypto reported this week that the Arbitrum wallet boom could be airdrop hunters.

DeFi and NFT crypto wallet activity jumps

Additionally, DappRadar reported that the NEAR Foundation and Google Cloud have announced a new partnership. This increased its unique active wallet by 1,333%.

DeFi Total Value Locked also increased marginally in October. The report added that a 5.3% gain put TVL at $53.2 billion by the end of October. However, it should also be noted that DeFi TVL is still down 74% from its peak this time last year.

Active DeFi wallets grew 7% over the last month, above half a million UAW for the first time since June.

NFT figures were also slightly better for the month. According to the report, the number of unique merchants increased by 18% to 1.1 million. Additionally, NFT trading volume on Polygon increased by over 770% in October to reach $10 million.

“This shows that newcomers are interested in entering the NFT industry and the demand is still high.”

On the other hand, NFT trading volume and sales volume declined by 30% for each period.

From a fundamental perspective, October was a very good month for corporate interactions with crypto. Visa, PayPal and Western Union submitted more trademark applications for crypto and Web3-related services.

crypto market outlook

Crypto wallets aside, market action is still sluggish. Little has changed over the past 24 hours, with total capitalization holding steady at $1.05 trillion.

Major crypto assets are calming down from their relief rally last week, with both BTC and ETH falling marginally on the day.

However, a handful of altcoins including BNB, DOGE and MATIC ended the week with gains in double digits.


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