In 2023, the Web3 industry experienced significant fluctuations, but ultimately saw a surge in attention and growth. According to a recent report by DappRadar, the number of unique active wallets (UAW) engaging with Web3 increased by 124 percent. Additionally, 2,985 new decentralized apps (dApps) were added. UAW is a crucial metric in the Web3 sector, representing the number of crypto wallets involved in dApps or digital asset transactions. On average, 4.2 million UAWs interacted with blockchain-based dApps in 2023.
The top ten blockchains by UAW in 2023 were led by Binance’s BNB Chain, with Wax, Near, zkSync-Era, Polygon, Ethereum, Abritrum, Hive, Klaytn, and Solana following closely, according to the DappRadar report. NFT collections and blockchain-powered games also saw increased interest in 2023, with a 166 percent increase in new wallets trading and using these assets, and blockchain-powered games maintaining a yearly dominance of 34 percent, with 1.1 million UAW by year’s end.
In the world of Decentralized Finance (DeFi), Total Value Locked (TVL) surged by 77 percent in 2023, reaching $103 billion, with Ethereum leading the way with a 57 percent share. The report from DappRadar named PancakeSwap as the leading dApp in the DeFi space, with over 860,000 monthly UAW. PancakeSwap, a decentralized crypto exchange known for its low fees and fast transactions, emerged as the most used dApp in 2023.
The report also highlighted a 96 percent decrease in financial losses due to hacks and exploits in the overall crypto sector.
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In conclusion, the significant increase in the number of unique active wallets and decentralized applications in 2023 indicates a growing interest and adoption of blockchain technology. This trend suggests that more individuals and businesses are recognizing the benefits and potential of decentralized finance and applications. As the technology continues to evolve and improve, we can expect to see even greater innovation and growth in the blockchain space in the coming years.Overall, the report’s findings bode well for the continued expansion and maturation of the decentralized finance and application ecosystems.