The first quarter of 2024 has brought bullish trends to the Web3 ecosystem, with a notable increase in daily Unique Active Wallets (dUAW). According to DappRadar’s report, there was an average of 7 million dUAW, marking a significant 77% rise from the previous quarter.
While blockchain gaming remains a dominant force, there has been a slight decline in its dominance since the end of last year. The DeFi (Decentralized Finance) and NFT (Non-Fungible Token) sectors, however, continue to grow steadily. DeFi saw an average of 1.3 million dUAW, while the NFT sector reached nearly 1 million dUAW.
A noteworthy development this quarter is the 9% increase in the dominance of the Social sector. This growth is attributed to social dapps engaging users with quests and potential airdrop rewards, keeping the community active and interested.
Overall, the market sentiment is positive, setting the stage for further exploration into specific blockchain verticals in the coming months. The report also highlights the resurgence of DeFi, with Total Value Locked (TVL) growing by 70% to $175 billion. The broader crypto token market has also seen significant gains, with Solana emerging as a standout performer.
The NFT market has also experienced a surge, with a trading volume of $3.9 billion and 11.6 million NFT sales in Q1 2024. The report also delves into security insights, noting a decrease in losses to exploits and hacks compared to the previous quarter.
Overall, Q1 2024 has showcased the adaptability and dynamism of the Web3 industry, promising more growth, innovation, and engagement in the future.
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