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Report Reveals Web3 Usage Reaches Record High, Surges 40%
- A report from DappRadar has shed light on the past quarter of DeFi activity, demonstrating Web3’s continued push toward the mainstream.
- The sector recorded its highest-ever number of unique active wallets in Q2 2024, demonstrating a 40% increase.
- Additionally, NFTs enjoyed their best quarter of sales since Q1 2023.
- Ethereum is still the king of DeFi, hosting close to 12x in TVL compared to the next biggest ecosystem (Solana).
Despite a rough month for cryptocurrency, with most major projects staring down the barrel of double-digit losses, there’s still light at the end of the tunnel for investors. The blockchain’s 2024 renaissance, led by spot ETF approvals and institutional involvement, has also seen Web3 participants skyrocket.
According to DeFi analysts DappRadar, 2024 Q2 recorded the highest-ever DeFi participation thanks to new Web3 developments – particularly in the social space.
Unique Active Wallets Hit ATH Thanks to Web3 Social and Gaming Industries
The most impressive metric is the number of unique active wallets in the dapp (decentralised application) industry. Throughout much of 2023, the total number of unique addresses linked to Web3 applications hovered between 3-5 million. That number exploded over the past few months, reaching over 10 million for the first time in blockchain history.
Gaming wallets are still ruling the roost, thanks to the explosion in popularity of idle, play-to-earn games such as Hamster Kombat and Notcoin. Beyond this though, GameFi’s dominance actually dropped thanks to excellent performance from the NFT and social sectors in 2024 Q2.
NFTs recorded their best quarter in over a year, racking up a trading volume of over US $4b (AUD $6b).
Significant growth was also experienced in the social sector of dapps, with unique wallets rising by 66% within just three months. Prominent platforms like fantasy.top and friend.tech were largely behind the industry’s bullish movement.
TVL Steadies as Ethereum Pushes DeFi Activity Upward
Over in the DeFi sector, things were steady over the past quarter. The Total Value Locked (TVL) across all decentralised finance ecosystems dropped only slightly, demonstrating stability despite memecoins falling off.
Related: ATO Cracks Down: Crypto Profits Under Scrutiny as Aussies Lodge Tax Returns
Solana was hit the hardest, with the network’s TVL falling by 10%, while Ethereum went from strength to strength after a 9% improvement in TVL.
The most popular dapps continue to be decentralised exchanges across several protocols, with Solana’s Raydium and Jupiter leading the way, while Uniswap V3 sits in third place in terms of unique active wallets.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
