Web3 User Growth Hits Record High in Q2 Despite TVL Decline

According to a July 4 report from blockchain analytics platform DappRadar, the number of users using Web3 applications reached a record high in the second quarter.

Web3 application usage hit record highs in Q2 with nearly 10 million daily unique active wallets, up 40% from Q1. This growth was driven by strong performance in each sector of the DApp industry.

The social sector experienced the highest percentage growth with a more than 66% increase in dUAW, largely due to apps like Fantasy.top and UXLINK.

NFT marketplaces also saw their highest usage since Q1 2023, with $4 billion in trading volume and over 14.9 million individual NFT trades.

Magic Eden's market share increased from 17% to 22%, while Blur's fell to 31%.

Uniswap and Raydium saw double-digit or greater increases in dUAW as memecoin traders flocked to these applications.

Uniswap's users increased by 80% and Raydium's by 134%.

However, the total value of cryptocurrency locked into decentralized finance applications (TVL) decreased by $7 billion, a 4% decline from the previous quarter.

Tron and Arbitrum experienced significant losses with 17% and 9% decreases in TVL, respectively.

On the other hand, Ethereum layer-2s Linea and Base saw exceptional growth with Linea's TVL increasing by 420% and Base's by 44%.

DappRadar highlighted the possibility that Q2's remarkable growth in dUAW might not be entirely sustainable, as it may be partially attributed to "airdrop farming" practices.

Both the Blast and zkSync airdrops occurred in June, and DappRadar notes that to sustain the rise in dUAW, it is crucial to prioritize superior user experiences, robust roadmaps, and strong development teams.

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