DappRadar Q2 2024 Report: 10M Daily Unique Active Wallets (dUAW) Interact with DApps, a 40% Increase from Q1

The growth spans various sectors of the decentralized application (DApp) industry. However, the report cautions the increase could be attributed to temporary airdrops.

Web3 users have surged to record highs in Q2 of 2024, with an average of 10 million daily unique active wallets (dUAW) interacting with decentralized applications (DApps), a 40% increase from the previous quarter. This marks the highest number of Web3 users ever recorded, according to a July 4 report by blockchain analytics firm DappRadar.

The growth was observed across various sectors of the DApp industry. Social applications led the pack with a 66% surge in dUAWs, now averaging around 2 million. Apps like Fantasy. top and UXLINK were at the forefront of this growth.

In contrast, NFT marketplaces saw their highest activity since the first quarter of 2023. NFT trading volume reached $4 billion, with 14.9 million individual trades in Q2 of 2024. More people bought, sold, and traded NFTs than in the past year.

Also, decentralized platforms like Raydium and Uniswap saw significant user increases. Uniswap grew by 80%, while Raydium surged significantly by 134%, partly driven by the increased number of memecoin traders on the platforms.

However, despite the surge in users, the total value locked (TVL) in DeFi applications dropped by $7 billion in Q2, a 4% decrease compared to the previous quarter. Tron and Arbitrum were particularly affected; Tron recorded a loss of 17%, while Arbitrum slumped 9% in TVL.

Meanwhile, DappRadar suggests that the growth in Q2 may be attributed to “airdrop farming” activities. Investors or users might be using these platforms to get free tokens, not for long-term use. Moreover, the Blast and zkSync airdrops in June may have contributed to the surge in user numbers. According to a report, more than 690,000 users were eligible for the ZK token.

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