Web3 Accelerated in October: Gaming, DeFi, and NFT Transaction Volume Surged

Blockchain games and decentralized finance (DeFi) remained the most active sectors of Web3 in October, despite the total daily active wallets decreasing by 3 percent to 16 million, according to a new report from DappRadar.

Web3 games accounted for 27.9% of all decentralized application (DApp) activity last month, achieving its highest share this year. DeFi, meanwhile, maintained a strong engagement of 18.4% despite market price volatility and ongoing regulatory pressure. The most commonly used DApps include Raydium, Pump.fun, Jupiter Exchange, OKX Dex, and PancakeSwap v2.

Still, the total value locked (TVL) in DeFi fell by 6.3% in October to $221 billion, and by early November, it dropped another 12% to $193 billion due to a broader market decline and regulatory uncertainty. Meanwhile, non-fungible token (NFT) trading increased by 30% in October to $546 million, and rose to 10.1 million transactions, the highest monthly count of 2025.

DeFi Took a Hit but Responded

DeFi’s decline in October was exacerbated following the October 10 market crash. This crash wiped out nearly $20 billion in leveraged positions on lending platforms and major exchanges.

The pressure continued as the DeFi protocol Stream Finance suffered a $93 million loss on Wednesday. This situation raised concerns about stablecoin lending risk and led analysts to uncover an additional $284 million in related vulnerabilities across the ecosystem.

Regulatory uncertainty also put pressure on DeFi in October, with several US Senate Democrats proposing the expansion of Know Your Customer (KYC) rules to non-custodial wallets—a move that critics warned could push DeFi activities abroad.

On Thursday, major Ethereum stakeholders launched the Ethereum Protocol Advocacy Association (EPAA). Leading DeFi foundations such as Aave, Uniswap, Lido, Curve, and The Graph united to coordinate policy efforts and ensure decentralized infrastructure is represented in crypto regulations.

Also on Thursday, the modular oracle network RedStone launched Credora, a DeFi-focused risk rating platform designed to increase transparency and credit assessment across lending protocols.

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