Web3 users in Q2: DappRadar reaches an all-time high of 10M
In the year According to a report by blockchain analytics platform Dapradar released on July 4, the number of users using Web3 applications reached a record high in the second quarter. Daily Uniquely Activated Wallets (dUAW) were nearly 10 million during the quarter, a 40% increase from the first quarter and the highest number to date.
According to the report[e]The DApp sector [decentralized application] The industry has seen significant growth, contributing to the overall bullish trend.
dUAW, led by apps like Fantasy.top and UXLINK, saw the largest percentage growth of the social sector, increasing by over 66%. The blockchain game sector recorded the most users during the quarter, although its overall share was slightly lower than other sectors.
Non-reversible token (NFT) marketplaces hit $4 billion in trading volume as of Q1 2023 More than 14.9 million individual NFT transactions occurred during the quarter. While NFT marketplace Magic Eden grew its market share from 17% to 22%, leader Blur's dominance was cut in half to 31% market share.
Decentralized exchanges Uniswap and Raydium have seen double-digit or higher increases in dUAW, with Memcoin traders stocked in these apps. The number of Uniswap users increased by 80% and Radium by 134%.
Despite the increase in the number of users, the total value of cryptocurrency locked into decentralized financial applications (TVL) decreased by $ 7 billion, a decrease of 4% over the previous quarter. Tron and Arbitrum were hit particularly hard, losing 17% and 9% of TVL, respectively.
Ethereum Layer-2s Linea and Base were outliers during the quarter, while Lina's TVL increased by 420% and Base's by 44%.
Dapradar cautioned that Q2's impressive growth in dUAW may not be sustainable. Airdropped tokens may have been driven in part by “airborne farming” by performing actions in hopes of receiving rewards. Both the blast and the zkSync airdrops happened in June.
Related: zkSync token starts amid network load, RPC problems
“Focus on delivering superior user experience, strong roadmaps and strong development teams is essential” if dUAW's growth is to continue, the report said.
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