Web3 Apps Witness Soaring User Engagement in 2023, DappRadar Reports
Summary:
In 2023, there was a 124% uptick in unique active wallets (UAW) using Web3 apps, as reported by blockchain analytics platform, DappRadar. Daily interactions nearly doubled to 4.2 million. Nonfungible token (NFT) platforms and decentralized finance (DeFi) witnessed significant growth, while social media apps also saw gains, thanks largely to Friend.tech, Lens Protocol, and Galxe. The networks of Near, Klaytn, and Arbitrum experienced strong growth, whereas Harmony, Solana, and Hive saw decreases in UAWs.
In 2023, blockchain analytics platform DappRadar reported a significant surge of 124% in unique active wallets (UAW) engaging with Web3 applications. Throughout the year, Near, Klaytn, and Arbitrum witnessed the highest growth, whereas Harmony, Solana, and Hive experienced a user reduction.
UAW, which indicates the number of wallets engaging with a decentralized application (DApp) within a certain timeframe, reported a daily interaction of around 4.2 million unique wallets in 2023, marking more than a twofold increase from the previous year. Nonfungible token (NFT) platforms topped the growth chart with a 166% spike, followed by decentralized finance (DeFi) with 112%. Thanks to major contributors like Friend.tech, Lens Protocol, and Galxe, social media applications reported a 29% gain.
Ever-so flourishing blockchain networks of Near, Klaytn, and Arbitrum recorded the steepest growth curves, with Near skyrocketing at 1,902%, Klaytn soaring 1,099% and Arbitrum climbing 624%. Some notable DApps on these networks include KAI-CHING, a loyalty reward platform, SuperWalk, a fitness application, and a decentralized exchange platform, Uniswap V3.
On the losing side, Harmony, Solana, and Hive observed a significant dip in UAW. Harmony declined by 96%, Solana by 76%, and Hive by 68%. Harmony's downfall was attributed to its bridge mishap in June 2022 and its failure to recover the next year. Solana, undergoing similar issues due to its association with FTX, managed to make a considerable recovery in the last months of 2023, resulting in lesser losses than anticipated. For Hive network, home to Splinterlands, the 11th best-ranked Web3 game, the significant loss in users was potentially due to unmet financial targets and significant losses, as speculated by the report.
The past year saw a rapid uptick in blockchain network activities. For instance, Stars Arena, a social media app, drew over 10,000 UAW to the Arbitrum network in October. Ethereum amassed over $54.3 million in a single week in November due to a hike in transaction submissions.
Published At
1/11/2024 8:39:52 PM
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