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Home»ALTCOIN NEWS»Ethereum rival recorded nearly 2,000% growth in unique active wallets last year: DappRadar
ALTCOIN NEWS

Ethereum rival recorded nearly 2,000% growth in unique active wallets last year: DappRadar

By Crypto FlexsJanuary 16, 20243 Mins Read
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Ethereum rival recorded nearly 2,000% growth in unique active wallets last year: DappRadar
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Cryptocurrency intelligence platform DappRadar has reported an explosion in user activity for one Ethereum (ETH) challenger in 2023, with decentralized applications (DApps) seeing notable growth over the period.

According to DappRadar’s annual industry report, smart contract platform Near (NEAR) recorded 302,000 new unique active wallets (UAW) last year, representing a year-on-year (YoY) increase of 1,902%, the highest among all chains.

Enterprise-grade blockchain Klaytn (KLAY) and layer 2 scaling solution Arbitrum (ARB) were the networks with the highest UAW growth, ranking behind Near. This represents 73,000 new UAWs (an increase of 1,099%) and 88,000 UAWs (an increase of 624%). , each.

“In terms of chain performance, Near, Klaytn, and Arbitrum showed the largest gains in UAW percentage increase. Near is up 200% since the beginning of the year, Klaytn is up 20%, and Arbitrum is up 32% since launching in March 2023.”

Conversely, DappRadar reports that Ethereum competitor Solana (SOL) recorded 65,000 new UAWs in 2023, down 76% from the previous year. Web3-centric blockchain Hive (HIVE) recorded 77,000 new UAWs, a 68% decline, according to the company.

“Solana has had a rough start to the year due to its association with the FTX fallout. However, the Solana ecosystem has seen an impressive recovery in the final months of 2023. Hive, which primarily hosts the trading card game Splinterlands, also had a difficult year, missing its financial targets and reporting significant losses.”

Source: DappRadar

Overall, DappRadar found that the DApp industry performed well in 2023, with UAWs growing 124% year-over-year and ending with an average of 4.2 million UAWs per day.

“The DApp industry in 2023 has surpassed all expectations, reinforcing the notion that this is a continuous and evolving part of the global financial and technology landscape.”

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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