The cryptocurrency market in 2022 is in a deep and protracted recession known as “crypto winter”, which came alongside most high-yield high-risk assets’ downturn caused by the U.S. Fed’s hawkishness. A series of bankruptcies, as well as redundancies of the staff of crypto exchanges, increased incidence of hacker attacks and other scandals – all that have led to continuous decrease of market values of the leading cryptocurrencies. As a result, regulatory pressure has also increased. Nevertheless, DappRadar has brought a convincing evidence that the dApp industry continues to grow despite the market recession.

A report from blockchain data and analytics company DappRadar shows that not all markets are suffering from the crypto winter. According to the 2022 DappRadar industry report, the use of decentralized applications (dApps) has increased dramatically.

According to a DappRadar report, in the dApps sector, the number of daily unique active wallets (dUAWs) increased by 50% compared to 2021 to 2.37 million. Such significant growth is apparently due to the rising recognition among customers and institutions.

The report also points out that the GameFi sector has played a significant role in the development of the decentralized application industry in 2022. GameFi accounted for at least 49% of all dApp activity, averaging 1.15 million dUAW per day and 7.4 billion transactions.

The NFT market has fueled the growth of the dApp industry, with a 33% increase in daily dUAW and an 876% increase in unique NFT traders. At the same time, despite the fact that the number of new NFT traders increased, trading volumes increased by as little as 0.41% compared to 2021. NFT sales rose somewhat more profoundly, by 10.6% to $68.35 million.

The decentralized finance (DeFi) industry has also faced challenges this year, losing more than 73% of its total locked value, TVL. However, the market saw a 2% increase in daily dUAW, reaching 652,970. DappRadar also noted that this is a major achievement for the DeFi sector after the fall of Terra Luna, the second-largest decentralized finance ecosystem in the market.

A DappRadar report says the recession forced the industry to focus on building sustainable projects in preparation for a bull run. All in all, the decentralized applications' industry shows incredible resistance to external negative sentiment and signs of readiness to grow despite the unfavorable current market conditions.