In 2023, web3 experienced a significant surge in Unique Active Wallets (UAW)
A recent report by blockchain analytics platform DappRadar revealed that the web3 landscape witnessed impressive growth in 2023. Unique Active Wallets (UAW) engaging with decentralized applications (DApps) increased by 124% throughout the year.
Near, Klaytn, and Arbitrum lead the growth
The report highlighted Near, Klaytn, and Arbitrum as the leaders in growth within the web3 space. These networks experienced remarkable increases in user engagement, with growth rates of 1,902%, 1,099%, and 624%, respectively. Key DApps on these platforms played a significant role in their success.
Declines for Harmony, Solana, and Hive
On the other hand, Harmony, Solana, and Hive faced declines in user engagement. Harmony’s struggles were linked to a bridge exploit in June 2022, while Solana faced challenges associated with its association with FTX. However, Solana showed an impressive recovery in the latter part of 2023. Hive’s loss of users was attributed to missing financial targets and significant losses.
Growth dominated by NFTs and defi
The growth within web3 was largely dominated by nonfungible token (NFT) products, which saw a remarkable increase of 166%. Defi also experienced substantial growth with a surge of 112%. Social media apps fueled by protocols like Friend.tech, Lens Protocol, and Galxe reported a gain of 29%.
The vibrancy of blockchain networks
The report highlighted notable instances that demonstrated the vibrancy of blockchain networks. For example, Stars Arena drove 10,000 UAW to the Arbitrum network in October, and Ethereum collected over $54.3 million in fees in a single week in November.
Hot Take: Web3 Experiences Explosive Growth in Unique Active Wallets
In 2023, web3 witnessed a remarkable surge in Unique Active Wallets (UAW), with Near, Klaytn, and Arbitrum leading the way. NFT products and defi played a significant role in driving this growth, while social media apps also experienced gains. However, Harmony, Solana, and Hive faced declines in user engagement. Despite these setbacks, the vibrancy of blockchain networks was evident through various success stories within the space.
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