The Number of Active Wallets on Web3 Apps Continues to Soar in 2023 💼💰📈

The user base for Web3 social media apps has grown by 29%, thanks to new apps such as Friend.tech and Lens Protocol.

According to DappRadar, Web3 apps experienced an impressive 124% growth in 2023, with platforms like Near, Klaytn, and Arbitrum leading the way.

Introduction

The popularity of Web3 apps, also known as decentralized applications (DApps), has been on the rise, and the numbers speak for themselves. According to a recent report from blockchain analytics platform DappRadar, the number of unique active wallets (UAW) that engaged with Web3 apps increased by a staggering 124% in 2023. This marks a significant milestone, highlighting the growing adoption of blockchain technology and its applications in various industries.

Surging Growth and Hot Performers 🔥🚀

The report indicates that several blockchain networks experienced notable growth, with Near, Klaytn, and Arbitrum leading the charge. Near saw an astounding 1,902% increase in UAW, followed closely by Klaytn at 1,099% and Arbitrum at 624%. These platforms have not only attracted new users but have also become home to some of the most popular DApps in the market.

• 👔 Loyalty rewards platform Kai-Ching saw tremendous success on the Near network.
• 🏃‍♂️ Fitness app SuperWalk experienced explosive growth on Klaytn.
• 💱 Decentralized exchange Uniswap v3 flourished on Arbitrum.

The Rise of Non-Fungible Tokens (NFTs) and DeFi 💎💼

When it comes to the sectors driving growth in Web3 apps, non-fungible tokens (NFTs) took the lead, registering a remarkable 166% increase compared to the previous year. These unique digital assets have captured the imagination of collectors and enthusiasts worldwide. Decentralized finance (DeFi) came in second, boasting a significant 112% growth, reflecting the increasing popularity of financial services on the blockchain. Surprisingly, even social media apps were not far behind, enjoying a 29% gain, thanks to the influence of leading protocols like Friend.tech, Lens Protocol, and Galxe.

• Aave to Integrate PayPal’s PYUSD Stablecoin: A Milestone for DeFi
• BlockGuard and Pixelette Technologies: A Partnership Revolutionizing DeFi and Risk Management
• CFTC Committee Urges Enhanced Understanding and Regulation of DeFi

The Fall of Harmony, Solana, and Hive 🍂⚰️

While many blockchain networks experienced substantial growth, others struggled to maintain their user base. Harmony, Solana, and Hive were among the biggest losers of the year, with Harmony witnessing a staggering 96% decline in UAW. Solana and Hive also endured significant losses, with drops of 76% and 68%, respectively.

• 🎭 Harmony’s decline can be attributed to a bridge exploit in June 2022, which resulted in a loss of trust and the inability to recover in the following year.
• 🌞 Solana faced challenges due to its association with FTX, but managed a remarkable recovery in the latter part of 2023, mitigating some of its losses.
• 🐝 The Hive network’s loss of users may be linked to missing financial targets and reporting significant losses. Splinterlands, the 11th-ranked Web3 game, is hosted on the Hive network, according to DappRadar.

The Growing Momentum of Blockchain Networks 📈✨

The report’s findings provide further validation of the increasing activity on blockchain networks. In October, social media app Stars Arena successfully drove over 10,000 UAW to the Arbitrum network, showcasing the power of blockchain adoption. Additionally, the Ethereum network experienced a surge in transaction volume, collecting over $54.3 million in fees in a single week during November.

With such significant growth and increasing adoption, the future of blockchain technology and Web3 apps looks promising. We can expect even more innovation and exciting developments to unfold across various industries in the coming years.

🌐 Related Links:

1. Czech car company launches NFT platform on Near
2. Radiant Capital halts Arbitrum markets following a $45 million flash loan attack
3. Notcoin P2E game on Telegram hits 41 million users in one week
4. Bitcoin-accepting vendors increased by 174% in 2023

🤔 Q&A: What More Do You Want to Know? 👀❓

Q: What are the advantages of Web3 apps over traditional centralized applications?

A: Web3 apps, built on blockchain technology, offer several advantages compared to traditional centralized applications. These include enhanced security, transparency, and immutability of data. By eliminating the need for intermediaries, Web3 apps enable peer-to-peer transactions, reducing costs and increasing efficiency. Moreover, users have full control over their data and digital assets, providing a new level of privacy and ownership.

Q: Are NFTs only limited to art and collectibles?

A: No, NFTs have expanded beyond art and collectibles. While those sectors have received significant attention, NFTs are increasingly being used in gaming, music, virtual real estate, and even virtual celebrities. The potential applications of NFTs are vast, empowering creators and disrupting various industries.

Q: Are there any risks associated with using Web3 apps?

A: While Web3 apps offer numerous benefits, it’s essential to be aware of their risks. Given the decentralized nature of blockchain, the responsibility for security falls on individual users. Therefore, it’s crucial to exercise caution when managing private keys and interacting with smart contracts. Additionally, regulatory uncertainty and scalability challenges are ongoing concerns that the industry is actively addressing.

The Future of Web3 Apps and Your Role 🌐💼💡

As blockchain technology continues to mature, Web3 apps will undoubtedly play a more prominent role in our lives. The potential for innovation and disruption across industries is immense. Whether you’re an entrepreneur, an investor, or simply a tech enthusiast, it’s crucial to keep an eye on this rapidly evolving space. By staying informed and engaging with the Web3 ecosystem, you have the opportunity to shape the future and potentially reap the benefits.

So, what are you waiting for? Dive into the vibrant world of Web3 apps and become a part of the digital revolution!

📣 Share your thoughts and let us know which Web3 apps you’re excited about! 👇📲✨

> ### Top 10 blockchains by UAW in 2023. Source: DappRadar

Disclaimer: This article is for informational purposes only and should not be considered as financial or investment advice.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!