DappRadar’s Blockchain Behavior Report: Reddit Paving the Way for Growing Crypto Adoption?

DappRadar’s Blockchain Behavior Report: Reddit Paving the Way for Growing Crypto Adoption?

The most important consumer trends that influenced the blockchain market in Q3 of 2022 are detailed in the report by DappRadar. Developers working on Web3 keep on anyhow despite the gloomy state of the macroeconomy as a whole. 

The approach utilized to hide the fact that the 40,000 assets were really Polygon NFTs is what made the mass launch of Reddit NFTs collections so remarkable. Not surprisingly, the announcement for the collection included cryptocurrency and the blockchain, but only in the sense that they were optional (as only fiat could be used).

Key Takeaways 

  • Although 15% of Web3 users are interested in trying blockchain gaming in the future, 52% of conventional gamers have never heard of it.
  • Every single month of the third quarter set a new milestone for the deployment of smart contracts; in 2022, about 36 percent of all smart contracts ever published and validated on the blockchain were executed.
  • Cardano’s popularity is on the rise, as seen by the $19 million worth of NFTs traded over the last 30 days. This makes Cardano the third most active NFT protocol. In addition, the number of transactions processed by the network on October 19 hit 82,880, a high not seen since May.
  • Since July, three million cryptocurrency wallets have been established by Reddit users on the Polygon network, making it the largest cryptocurrency wallet platform overall, surpassing OpenSea. OpenSea’s Top 10 list for 7-day trade volume includes four separate Reddit Collectible Avatar collections.
  • Countries experiencing rapid increases in cryptocurrency use include Ukraine, Indonesia, and Russia. Since July, their adoption rates have climbed by 143.17 percent, 115.59 percent, and 88.28 percent, respectively.

Conclusion

Although there have been some fluctuations in the leading markets, the crypto market as a whole is still robust and stable. The United States is still the undisputed leader, followed by India, Indonesia, Russia, and Ukraine. Overall, regulatory activity around the cryptocurrency sector seems to be increasing. The business stands to benefit from new laws being passed and old ones being strictly enforced since this will increase confidence in cryptocurrencies and encourage their widespread use.

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.