Daily unique active wallets (UAWs) in the blockchain ecosystem surged to an all-time high of 17.2 million in Q3 2204, reflecting a remarkable 70% increase from the previous quarter.
According to DappRadar’s Q3 2024 Industry Report, this growth was driven by interest across all sectors of the ecosystem as they have all experienced significant growth.
That said, AI-related dapps were noted to be the standout performers, showing a 71% growth compared to the previous quarter. These dapps now average nearly 4.3 million daily UAWs, underscoring the rising excitement surrounding AI technologies, said Dappradar.
Notable dapps like DIN and Alaya AI have emerged as key drivers of this surge as users increasingly interact with AI-powered solutions.
Despite the surge in the popularity of AI dapps, gaming remains the dominant sector though its share of the overall dapp industry has slightly declined, mirroring trends seen in DeFi and NFTs.
Gaming leads in user activity while the social sector held steady this quarter continuing to attract and engage dapp users.
While Dapps became more popular than ever, the DeFi and NFT sectors experienced significant declines, according to the industry analysis.
DeFi total value locked (TVL) continued to decline in Q3 2024 falling from $168 billion in Q2 2024 to $160 billion highlighting ongoing market uncertainties despite some positive regulatory developments.
Ethereum still dominates the DeFi space with a TVL of $95 billion in Q3 2024. However, this represents a notable 20% decline from Q2 2024.
The standout performers in the quarter were layer-1 blockchains like Sui and Aptos, both of which saw impressive TVL growth, each increasing by 78% since Q2 2024.
“This surge propelled them into the top ranks of DeFi chains, reflecting rising investor interest in alternative ecosystems that provide innovative solutions and faster transaction speeds,” said DappRadar.
For NFTS, after experiencing one of its best quarters since early 2023, the NFT market took a notable hit with trading volume plummeting to $1.6 billion, representing a sharp 60% decrease from Q2 2024.
Similarly, NFT sales dropped to 11.5 million, a 23% decrease, underscoring the market’s contraction over the past three months.
Notably, OpenSea has re-established itself as the dominant platform in several key areas, including trading volume, number of sales, and active traders.
This represents a major comeback for the platform, which had been facing challenges just a few months ago but has now fully reclaimed its leading position.
In contrast, other leading marketplaces such as Blur and Magic Eden experienced significant declines in Q3 2024.
Click here to access the full Q3 2024 Blockchain Industry report by Dappradar.
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