The industry metrics platform DappRadar published a market report for October on November 3. For the month, there were over 2 million unique active crypto wallets (UAW) on blockchain dApps. Over September, this was an approximately 7% increase. The bear market may finally be coming to an end at this point.
One reason for the growth was directly attributed to the layer-2 networks Arbitrum and Optimism’s inclusion of the Lido Ethereum staking platform. There was an increase in the number of unique active wallets on the networks of 500% and 83%, respectively.
In addition, Google Cloud and the NEAR Foundation established a new partnership, according to DappRadar. Its unique active wallets saw a jump of 1,333% as a result.
The DeFi total value locked (TVL) in October also slightly increased. By the end of October, TVL had increased by 5.3% to $53.2 billion, according to the report. However, DeFi TVL is still down 74% from its peak at this time last year, though. For the first time since June, the number of active DeFi wallets surpassed half a million UAW, up 7% from the previous month. $10 million.
For the month, NFT numbers were also marginally better. The report states that there were 1.1 million unique trades, an increase of 18%. Additionally, the amount of NFT traded on Polygon increased significantly in October, rising by more than 770% to $10 million. However, the volume of NFT trading and the number of sales fell by 30% for the period.
Fundamentally speaking, October was a solid month for business dealings using cryptocurrency. Financial giants like Visa, PayPal, and Western Union submitted several trademark applications for services connected to cryptocurrencies and Web 3.