Blockchain dApps activity rose 77% in Q1: DappRadar

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The number of average daily Unique Active Wallets (dUAW) in Web3 reached 7 million in 2024’s first quarter, according to the “State of the Dapp Industry Q1 2024” report by DappRadar. This represents a 77% increase when compared to the last quarter, with a notable shift being the 9% rise in the social sector, driven by social decentralized applications (dApps) that incentivize user participation through quests and potential airdrop rewards.

The decentralized finance (DeFi) sector had an average of 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 potent tool for engaging and expanding communities around new blockchain projects.

Layer-2 (L2) blockchains have seen a surge in usage, particularly following Ethereum’s Dencun upgrade, which significantly reduced gas fees. This has made transactions more accessible to users, contributing to an increase in activity across these platforms.

Non-fungible tokens (NFTs) also saw more movements in Q1, with this sector registering almost 1 million dUAW and a trading volume close to $4 billion, up 50% since last quarter. Blur’s NFT marketplace still leads the pack, with $1.9 billion in trading volume and a comfortable lead from 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, a 59% rise from the previous period. The synergy between gaming and NFTs is evident as they collectively propel the digital realm’s growth, with gaming-related NFT collections seeing the highest sales this quarter.

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