In 2023, web3 saw a 124% surge in unique active wallets, with Near, Klaytn, and Arbitrum leading the growth, while others declined.
January 11, 2024 According to a recent report from blockchain analytics platform DappRadar, the web3 landscape has seen significant growth, with a 124% increase in unique active wallets (UAWs) associated with decentralized applications (DApps) throughout 2023.
The data shows that Near, Klaytn, and Arbitrum are leaders in growth, while Harmony, Solana, and Hive are seeing declines in user engagement.
On average, 4.2 million UAW interacted with web3 apps every day, double the previous year’s figure. Nonfungible Token (NFT) products led the growth, recording a 166% increase, followed by DeFi, which surged 112%. Social media apps, aided by leading protocols such as Friend.tech, Lens Protocol, and Galxe, saw a 29% increase.
Near, Klaytn, and Arbitrum achieved notable results, showing 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.
Conversely, Harmony, Solana, and Hive suffered from declines of 96%, 76%, and 68%, respectively. Harmony’s struggles were linked to a bridge exploit in June 2022, while Solana grappled with issues related to its association with FTX.
The report acknowledged Solana’s impressive recovery in late 2023. It was speculated that Hive’s user losses stemmed from missing financial targets and reporting significant losses.
Overall, the report highlights the vitality of blockchain networks, citing examples such as Stars Arena driving 10,000 UAW to the Arbitrum network in October and Ethereum collecting more than $54.3 million in fees in a single week in November.