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On The Safe Side: Which Dapps Escaped the FTX Crypto Contagion

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How come some dapps have not been affected by the latest crisis?

The impact of the collapse of FTX, one of the largest centralized exchanges in the world, brought Web3 projects to a crisis. For many decentralized apps, chaos, lost funds, and panic selling were part of the last week. However, several projects have risen from the ashes to announce to the communities that they are doing very well and following the plan without any problems.

Highlights

  • FTX and Alameda had invested in several projects on Web3. Moreover, several dapps had funds on the exchange, which declared bankruptcy last week. Star Atlas and Serum are some of the names whose plans have been heavily affected;
  • While the number of trades on blue-chip NFTs has increased, ETH collections’ floor price and market cap have dropped.
  • Games and metaverse virtual worlds with consistent gaming communities have also seen no massive negative changes in their stats.

This article serves as an introduction. On Thursday, November 17, DappRadar will publish a full-fledged research report on the impact of the FTX crypto crisis on the wider dapp industry.

Games continue building

The general discourse in times of crisis is that we must not give up and continue to build. But most gaming projects, fortunately, just felt the waves of the FTX turmoil in the value of their in-game tokens or NFTs. That is, without really affecting the development capacity of the projects.

Splinterlands

The collectible trading card game Splinterlands went by the tumultuous last week seemingly unaffected. The past seven days were, in fact, generally positive for the game. 

The 16% rise in Splinterland’s volume over the past week is a great example of how gaming dapps can go through the toughest economic times. How come? Simply because these gamers are there to play for fun, not to earn.

Alien Worlds

Alien Worlds, one of the most played blockchain games of the moment, swam against the tide and had 68.34% more unique-active wallets interacting with their smart contracts.

The dapp’s projects are unaffected, and everything is going according to plan in this promising metaverse. GameFi continues to grow despite the crypto downturn once again.

The Sandbox

As one of the biggest projects on Web3, involving games, NFTs, celebrities, and DeFi, there was a lot of anticipation about whether The Sandbox metaverse would negatively feel the effects of crypto contagion.

Having launched the SAND token on FTX in 2021, it was publicly recognized that the two giants were in partnership. Alameda’s wallet also held 81 parcels of land in the Sandbox virtual world – out of 166,000 in total.

However, these connections proved to be too weak to scare anyone in the metaverse’s strong community – and the project is not impacted. Transactions decreased slightly, but the project’s volume increased by 50%, showing positive signs in a negative week for the space.

DeFi going mainstream?

One of the effects of increased distrust of centralized exchanges such as FTX may have provided space for retail traders and investors to explore decentralized finance options. DeFi projects on various chains have seen their numbers increase sharply in the last week.

Bungee

Bungee stood out during crypto contagion week with excellent stats. Perhaps by being in the right place at the right time, the seamless cross-chain bridge has helped thousands of wallets move their funds between protocols.

42% more transactions were made, and the dapp volume grew by 80% in one week.

MetaMask Swap

This is the absolute leader in decentralized finance applications. The MetaMask wallet and MetaMask Swap have also been helpful to those who have had investments in cryptocurrencies in the last week. Across crypto Twitter, investors have reported moving away from centralized exchanges and putting their funds into decentralized wallets like MetaMask.

The dapp’s volume jumped 268% in just 7 days, and the number of new unique active wallets and transactions also increased.

NFTs seen as digital assets

A curious phenomenon made that collections considered blue-chip investments increased sales but suffered significant drops in the average and minimum sales values.

Doodles

Despite being a part of FTX’s long list of investments, Doodles’ CEO  Julian Holguin assured the community on Discord that “FTX’s downfall has had no impact on our business.”

“FTX Ventures invested $1M (out of the $54M raised) in Doodles. We did not hold any funds (fiat or crypto) with FTX, its affiliates, or any other exchange for that matter.”

The numbers of sales and new traders increased by around 60% in the last 7 days, while the project’s market cap and average and floor prices shrank by 20%.

Bored Ape Yacht Club

The company behind the famous Bored Ape Yacht Club (BAYC) NFTs, Yuga Labs, was another concern for the NFT space this week. Upon learning that it had 18,000 ETH of royalties stored in an FTX account, the community speculated what could become of the most popular collections on the market.

However, soon Yuga Labs’ co-founder Wylie Aronow clarified that all the ETH funds they had in FTX had been transferred to a Coinbase custody earlier in the week.

This did not stop the market from overreacting, and the number of BAYC traders rose by 265% while the average selling price dropped by 41%. Be that as it may, the turmoil should pass soon, as the collections themselves are unaffected.

World of Women

The World of Women (WoW) NFT collection, which publicly held an FTX account for transit purposes, also came forward to let collectors know that their operations weren’t affected by the exchange’s collapse.

“We diversify where we hold the treasury to mitigate risk by splitting it across bank accounts, Coinbase Institutional, multisig wallets & cold wallets.”

WoW also saw NFT sales increase this week while the average and entry prices dropped by almost 30%.

Keep tracking how dapps react to the crypto contagion

DappRadar is fortunate to announce it has also not been affected by FTX’s collapse, but we extend our sympathies to anyone who needs support in these tough times.

We are watching the domino events in the industry close by and will keep you updated on how your favorite projects are doing.

FTX Crypto Contagion

Make sure to follow us on Twitter to stay up to date and explore dapps’ real-time data by using our platform.

Useful links

The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your own research.

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