dApps User Count Hits New Record

The latest quarterly report from DappRadar reveals that the number of unique active wallets (UAW) engaging with decentralized applications has reached a new ATH, averaging 10 million daily users. This marks a 40% increase over the previous quarter.

Gaming and social apps have been the primary drivers of this growth. Notably, social applications have seen a 66% increase, fueled by the growing popularity of Web3 and platforms such as UXLINK and Quests. However, the market share for decentralized games saw a slight decline of 2%.

Average Monthly UAW. Source: DappRadar

In the DeFi sector, standout performers include exchanges Uniswap and Raydium, which saw their UAW numbers jump by 80% and 134% respectively. This significant increase is largely attributed to heightened interest in both established and emerging meme coins, a prominent trend in the second quarter of 2024.

The NFT market also displayed robust activity, with trading volumes reaching $4 billion—the highest in the past year. Market leadership in NFT trading volumes continued to be dominated by Blur (31%), Magic Eden (22%), and OpenSea (12%).

NFT Trading Volume and Sales. Source: DappRadar

DappRadar analysts caution that the surge in UAW may be a temporary effect driven by users actively participating to receive potential airdrops. They suggest that for sustained growth, the focus should shift towards improving the quality of applications and enhancing the user experience.