Average daily active unique wallets reach 7M — Dapradar

Dapradar's latest report highlights several bullish indicators in the DAP/Web 3 sector for Q1 2024.

Dapps – Decentralized Applications – Over quarter-on-quarter usage growth of 77% with a total daily active user wallet number of seven million. This represents a roughly 40 percent increase from February 2024, marking the highest adoption rate since 2022.

According to Dapradar, the influx of new users “signals a strong recovery and the end of the longest bear market we've experienced.

These perceived gains come in a banner quarter for the world's most popular cryptocurrency, as Bitcoin hit new all-time highs on multiple occasions following the SEC's approval of several Bitcoin spot ETF applications.

Related: New Record: Bitcoin ETF Hits $1B in Daily Revenue

As Cointelegraph recently reported, much of this recent growth in the dapp sector has been fueled by non-fungible tokens (NFTs), which are renewed in 2023 after a decline in interest in 2022.

The wallet of exclusive active daily users will grow to 4.8 million by 2023, double the number of users last year. According to Dapradar, non-vulnerable tokens (NFTs) have seen their biggest gains in the past year, rising by 166% in 2022.

The NFT sector remains strong till 2024. For the first quarter, it reported a 50% increase in transaction volume to $3.9 billion and a 13% increase in sales to $11.6 million. This was the strongest quarter for NFTs since Q1 2023, according to Dapradar.

In the first quarter of 2024, however, social verticals remained at the forefront of the sector's growth, with active wallets growing by 324%. Defi, Gems and NFTs still performed well, but the increased activity of social media dapps may indicate an industry trend.

Finally, while almost every indicator shows positive momentum for Web 3, there is some bad news. According to the report, losses due to exploitation and hacking have increased by 9% year-on-year. This is down 32% from Q4 2024, but losses so far have reached $407 million for Q1 2024 alone.