The number of average daily Unique Active Wallets (dUAW) in Web3 reached 7 million in the first quarter of 2024, according to DappRadar’s “State of the Dapp Industry Q1 2024” report. This represents a 77% increase compared to last quarter, with the notable shift being a 9% increase in the social sector, driven by socially decentralized applications (dApps) that encourage user participation through quests and potential airdrop rewards.
The decentralized finance (DeFi) sector averaged 1.3 million dUAW, fueled by activity in recently launched chains like Base and Blast. The report highlights that this interest in the DeFi ecosystem has been amplified by the airdrop narrative, which remains a powerful tool for engaging and expanding communities around new blockchain projects.
Blockchain dApps activity rose 77% in Q1: DappRadar
Image: DappRadar
Layer-2 (L2) blockchains have seen an increase in use, especially after Ethereum’s Dencun upgrade, which significantly reduced gas costs. This has made transactions more accessible to users, which has contributed to an increase in activity on these platforms.
Non-fungible tokens (NFTs) also saw more movement in the first quarter, with the sector recording nearly 1 million dUAW and trading volume of almost $4 billion, up 50% since last quarter. Blur’s NFT marketplace is still the leader, with a trading volume of $1.9 billion, comfortably ahead of Magic Eden, which registered $664 million.
Blockchain gaming, despite a dip in dominance, still leads with a 30% share and approximately 2.1 million daily unique active wallets, up 59% from the previous period. The synergy between gaming and NFTs is clearly visible as they collectively drive the growth of the digital world, with gaming-related NFT collections seeing the highest sales this quarter.