A report from DappRadar highlights that the number of daily unique active wallets（dUAW）usingWeb3applications reached a record high of approximately10million inQ2,marking a40%increase from the previousquarter.
Points
- Web3usershitanall-timehighof10milliondailyuniqueactivewallets（dUAW）inQ2.
- Socialsectorseesthelargestgrowth,drivenbyappslikeFantasy.topandUXLINK.
- BlockchaingamingandNFTmarketplacesalsoshowsignificantuserincreases.
RecordGrowthinWeb3Users
According to a July4report from blockchain analytics platformDappRadar,the number of users usingWeb3applications reached a record high in the secondquarter.The number of daily unique active wallets（dUAW）was approximately10million over the course of thequarter,a40%increase from the first quarter and the highest number everreached.
According to thereport,“[e]achsector of the DApp[decentralizedapplication]industry has experienced notablegrowth,contributing to an overall bullishtrajectory.”
Web3 apps’dailyuniqueactivewallets,April2023toJune2024.Source:DappRadar
The social sector saw the largest percentagegrowth,with a more than66%increase indUAW,driven by apps likeFantasy.topandUXLINK.The blockchain gaming sector also registered more users during thequarter,though its overall share declined slightly compared to othersectors.
NFTMarketplacesandDeFiGrowth
Non-fungibletoken（NFT）marketplaces saw their highest usage sinceQ12023,reaching$4billion in tradingvolume.Over14.9million individual NFT trades occurred during thequarter.NFT marketplace Magic Eden saw its market share increase from17%to22%,while leaderBlur’sdominance was cut inhalf,falling to31%marketshare.
Decentralized exchanges Uniswap and Raydium sawdouble-digitor greater increases indUAW,as memecoin traders piled into theseapps.Uniswap’snumber of users increased by80%andRaydium’sby134%.
Top decentralizedfinanceappsinQ22024.Source:DappRadar
Despite the rising number ofusers,the total value of cryptocurrency locked into decentralized finance applications（TVL）fell by$7billion,a decline of4%over the previousquarter.Tron and Arbitrum were hit especiallyhard,losing17%and9%TVL,respectively.
Ethereumlayer-2sLinea and Base were the outliers for thequarter,asLinea’sTVL increased by420%andBase’sby44%.
SustainingtheRiseindUAW
The report stated that if the rise in dUAW is to besustained,“itis essential to focus on delivering a superior userexperience,robustroadmaps,and strong developmentteams.”
WrappingUp
TheWeb3ecosystem experienced unprecedented growth inQ22024,with daily unique active wallets reaching a recordhigh.Despite challenges in the DeFispace,the overall trajectory remainsbullish,driven by significant increases in socialapplications,NFTmarketplaces,and blockchaingaming.Ensuring this growth continues will require a focus on userexperience,development,and innovation across theecosystem.