web3 apps surged 124% in 2023

In 2023, web3 saw a 124% surge in Unique Active Wallets, with Near, Klaytn, and Arbitrum leading growth, while others declined.

In a recent report by blockchain analytics platform DappRadar on January 11, 2024, the web3 landscape witnessed substantial growth, with a 124% increase in Unique Active Wallets (UAW) engaging with decentralized applications (DApps) throughout 2023.

The data spotlighted Near, Klaytn, and Arbitrum as the frontrunners in growth, while Harmony, Solana, and Hive experienced declines in user engagement.

On average, 4.2 million UAW interacted daily with web3 apps, doubling the previous year’s figures. Nonfungible token (NFT) products dominated growth, boasting a 166% increase, followed by defi with a 112% surge. Social media apps, buoyed by leading protocols like Friend.tech, Lens Protocol, and Galxe, reported a 29% gain.

Near, Klaytn, and Arbitrum emerged as the standout performers, exhibiting growth rates of 1,902%, 1,099%, and 624%, respectively. Key DApps on these networks, such as KAI-CHING, SuperWalk, and Uniswap V3, contributed significantly to their success.

Conversely, Harmony, Solana, and Hive faced setbacks, experiencing declines of 96%, 76%, and 68%, respectively. Harmony’s struggles were linked to a bridge exploit in June 2022, while Solana grappled with challenges tied to its association with FTX.

The report acknowledged Solana’s impressive recovery in the latter part of 2023. Hive’s loss of users was speculated to stem from missing financial targets and reporting significant losses.

Overall, the report underscores the vibrancy of blockchain networks, citing instances like Stars Arena driving 10,000 UAW to the Arbitrum network in October and Ethereum collecting over $54.3 million in fees in a single week in November.

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