- Web3 unique daily active wallets reached a record high in the second quarter, although DappRadar issued a warning that this increase could be the result of transient airdrops.
A research published on July 4 by the blockchain analytics company DappRadar claims that in the second quarter, the amount of people utilizing Web3 applications hit a record high.
Over the course of the quarter, there were over 10 million daily unique active wallets (dUAW), a 40% rise from the first quarter and the greatest figure to date.
The report claims that the DApp [decentralized application] market has grown significantly in every area, resulting in a generally positive trend.
With a dUAW gain of more than 66%, the social sector experienced the highest percentage growth, led by applications such as Fantasy.top and UXLINK. Even while its overall share decreased significantly in comparison to other sectors, the blockchain gaming industry saw an increase in user registrations throughout the quarter.
With $4 billion in trade volume, non-fungible token (NFT) exchanges reached their biggest utilization since Q1 2023. There were more than 14.9 million distinct NFT deals made throughout the quarter. Magic Eden, an NFT marketplace, witnessed a rise in market share from 17% to 22%, while Blur, the market leader, saw its dominance cut in half, to 31%.
Decentralized marketplaces Memecoin traders flocked to Uniswap and Raydium, resulting in double-digit or higher rises in dUAW. Users of Uniswap rose by 80%, while those of Raydium jumped by 134%.
The entire value of bitcoin locked within decentralized finance applications (TVL) decreased by $7 billion, a 4% decrease from the previous quarter, despite the increase in users. Particularly heavily struck were Tron and Arbitrum, which lost 17% and 9% of their TVL, respectively.
Ethereum layer-2s For the quarter, Linea and Base stood out due to their respective increases in TVL of 420% and 44%.
DappRadar issued a warning, saying that the remarkable rise in dUAW in Q2 might not last. Airdrop farming, which involves taking acts in the hopes of earning airdropped tokens as compensation, might have had a role. In June, there were two airdrops: Blast and zkSync.
The study concluded that providing an excellent user experience, solid roadmaps, and capable development teams are critical if the increase in dUAW is to continue.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
