Number of Web3 Users Hits Record High

In Q2 2024, the number of unique active wallets (dUAW) in the Web3 industry reached a record 10 million per day, driven by user activity during various airdrops.

According to a report by DappRadar, the number of Web3 application users in Q2 2024 hit record levels, increasing by 40% over three months. From April to June 2024, the number of unique active wallets averaged around 10 million daily.

DappRadar analysts note that the primary catalyst for the growth in Web3 user activity was the airdrops conducted during this period. The increase in active users was sparked by airdrops from Blast and zkSync, which took place last month. Analysts emphasize that the growth trend in dUAW may be unstable, as projects rarely manage to sufficiently incentivize users to remain active after airdrops conclude.

The report also notes that nearly all sectors of decentralized applications (dApps) showed significant growth in Q2. The most active sector was SocialFi, with the number of unique users reaching 2 million daily during the period. Overall, the sector grew by more than 66%, driven by the rising popularity of apps like Fantasy.top and UXLINK.

The NFT market showed the highest activity since Q1 2023, with trading volume reaching $4 billion. Over 14.9 million NFT transactions were conducted in Q2 2024. The NFT marketplace Magic Eden increased its market share from 17% to 22%, while the share of market leader Blur nearly halved to 31%.

Decentralized exchanges (DEX) also saw significant growth in the number of active users. The number of Uniswap users increased by 80%, and Raydium users grew by 134%. DappRadar analysts attribute this trend to the increase in meme coin transactions on these platforms.

Despite the rise in user numbers, the total value locked (TVL) in the DeFi sector decreased by 4% compared to the previous quarter, amounting to $168 billion. The most notable TVL declines in Q2 2024 were recorded on the Tron and Arbitrum networks, which lost 17% and 9%, respectively. However, L2 protocols for Ethereum showed the most significant growth over the three months. TVL on the Linea and Base blockchains grew by 420% and 44%, respectively.

In April this year, analysts noted a twofold increase in the number of GameFi project users, and in June, the Binance crypto exchange reported surpassing 200 million users.

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