DappRadar: web3 applications will surge by 124% in 2023
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The number of web3’s Unique Active Wallets surged 124% in 2023, with Near, Klaytn, and Arbitrum leading the growth, while other wallets declined.
In a recent report from the blockchain analytics platform dapreda The web3 space has seen significant growth since January 11, 2024, with a 124% increase in unique active wallets (UAW) participating in decentralized applications (DApps) in 2023.
The data shows that Near, Klaytn, and Arbitrum are the growth leaders, while Harmony, Solana, and Hive have experienced a decline in user engagement.
On average, 4.2 million UAWs interact with web3 applications every day, double the number from the previous year. Non-fungible token (NFT) products dominated growth, up 166%, followed by DeFi, up 112%. Social media applications grew by 29%, driven by leading protocols such as Friend.tech, Lens Protocol and Galxe.
Near, Klaytn and Arbitrum performed most prominently, with growth rates of 1,902%, 1,099% and 624% respectively. Key DApps on these networks, such as KAI-CHING, SuperWalk, and Uniswap V3, have contributed significantly to its success.
On the contrary, Harmony, Solana and Hive suffered setbacks, with declines of 96%, 76% and 68% respectively. Harmony’s woes are related to a bridge breach in June 2022, while Solana is grappling with challenges related to its FTX affiliation.
The report acknowledged Solana’s impressive recovery in the second half of 2023. Presumably, Hive’s user churn was due to failing to meet financial goals and reporting significant losses.
Overall, the report highlights the vitality of blockchain networks, citing instances such as Stars Arena sending 10,000 UAW to the Arbitrum network in October and Ethereum collecting over $54.3 million in fees in a single week in November.
