- Active daily web3 users reached a new all-time high in the second quarter of this year according to a DappRadar report
- Dubbed the “State of the Dapp Industry Q2 2024” report, it shows that users increased by 40% in Q2 compared to Q1
- DappRadar noted the uptick in new users varied across sectors
A report by DappRadar has revealed the web3 space has been growing in usage to reach an all-time high of 10 million daily active users. The report noted that projects across the web3 world have been experiencing an increase in new users in Q2 compared to the first quarter of the year. DappRadar, however, cautioned that the rise in new users may be fueled by users interested in cashing in on free tokens and NFTs offered during airdrops, which may be an unsustainable incentive to drive web3 adoption.
A 66% Rise in Q2
According to the report, projects focusing on socializing in the web3 space recorded the highest uptick in new users at 66% in Q2 and contributed close to two million daily active addresses.
DappRadar noted that engagements in the social space were driven by projects like Fantasy.top and general excitement around the potential of a decentralized world. The NFT sector also registered a significant rise in usage within the same timeframe.
The NFT space is controlled by marketplaces like Blur, Magic Eden, Opensea, OKX NFT and Unisat, with Bored Ape, Runestone, Pudgy Penguins and Mutant Ape being the most traded NFT collections in Q2.
Web3 Gaming and DeFi Down 2%
The blockchain gaming and DeFi sectors, on the other hand, saw their share of the Dapp industry fall by roughly 2%. The total value locked in DeFi platforms, for example, dropped by $7 billion in Q2 compared to Q1.
DappRadar’s report comes a few days after Immunefi released another report showing that malicious actors stole more funds in Q2 than in Q1 2024.
With the social and NFT sectors registering more users in Q2, it’s to be seen whether these users will cross to the gaming and DeFi scenes.
