April 19, 2024
Web3 Metrics Soar
AI

Web3 App Engagement Surges by 124% in 2023: DappRadar

A report from DappRadar on January 11 revealed a significant surge of 124% in the number of unique active wallets (UAW) engaging with Web3 apps throughout 2023. Notably, Near, Klaytn, and Arbitrum emerged as the leaders in growth, while Harmony, Solana, and Hive experienced a decline in user engagement.

UAW, serving as a metric to gauge the interaction of wallets with Web3 apps, witnessed an average daily interaction of 4.2 million throughout the year, surpassing the previous year’s user count by more than double. The report highlighted that nonfungible token (NFT) products marked the highest growth with a substantial 166% increase from 2022, followed by decentralized finance (DeFi) with a 112% rise. Social media apps observed a 29% gain, attributed to the success of leading protocols like Friend.tech, Lens Protocol, and Galxe.

The blockchain networks Near, Klaytn, and Arbitrum demonstrated the highest growth rates, boasting increases of 1,902%, 1,099%, and 624%, respectively. Key DApps on these networks, such as the loyalty rewards platform KAI-CHING, fitness app SuperWalk, and decentralized exchange Uniswap V3, contributed to their impressive growth. Conversely, Harmony, Solana, and Hive experienced significant declines, with Harmony’s UAW dropping by 96%, Solana’s by 76%, and Hive’s by 68%. Harmony’s decline was attributed to a bridge exploit in June 2022 and subsequent recovery challenges.

Despite facing challenges associated with FTX, Solana managed to stage a noteworthy recovery in the last months of 2023, mitigating its overall losses for the year. The report also speculated that Hive Network’s loss of users could be linked to missed financial targets and reported significant losses. Splinterlands, the 11th highest-ranked Web3 game by UAW, is hosted on the Hive network, according to DappRadar.

The report provided additional evidence of increased activity on blockchain networks in the past year. Notable instances included Stars Arena, a social media app that drove over 10,000 UAW to the Arbitrum network in October, and Ethereum’s collection of over $54.3 million in fees in a single week in November, attributed to a surge in transaction submissions.

Image by freepik

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