Crypto Intelligence Platform Reports Explosive Growth in Ethereum Rival’s User Activity
A recent report from DappRadar reveals that one of Ethereum’s biggest competitors experienced a massive surge in user activity in 2023. The smart contract platform Near recorded a staggering 1,902% year-over-year increase, with 302,000 new unique active wallets (UAWs) created last year. This growth outpaced all other chains analyzed in the report.
Other Top Performers
Following Near, enterprise-grade blockchain Klaytn and layer-2 scaling solution Arbitrum were identified as the networks with the highest UAW increase gains. Klaytn saw a 1,099% increase with 73,000 new UAWs, while Arbitrum experienced a 624% increase with 88,000 new UAWs.
The report also highlights the performance of these chains’ tokens. Near saw a 200% increase since the beginning of the year, Klaytn experienced a 20% increase, and Arbitrum had a 32% increase since its launch in March 2023.
Declining User Activity for Solana and Hive
In contrast to the impressive growth of Near and other platforms, Ethereum rival Solana witnessed a significant decline in user activity. It recorded only 65,000 new UAWs in 2023, representing a 76% drop compared to the previous year. Similarly, web3-focused blockchain Hive saw a 68% drop with 77,000 new UAWs.
DappRadar notes that Solana faced challenges at the beginning of the year due to its association with the FTX fallout but managed to recover during the latter part of 2023. Hive struggled to meet financial targets and reported substantial losses.
A Successful Year for the DApp Industry
The overall DApp industry experienced a positive year, with a 124% year-over-year increase in UAWs. The industry ended 2023 with an average of 4.2 million daily UAWs, surpassing expectations and solidifying its position in the global financial and technological landscape.
Hot Take: Ethereum Rival Near Surges Ahead with Explosive User Growth
Near, a smart contract platform challenging Ethereum’s dominance, has made significant strides in user adoption. With a remarkable 1,902% year-over-year increase in unique active wallets (UAWs), Near outperformed other chains in the DappRadar report. This growth is a testament to the platform’s appeal and functionality, as well as its token’s impressive performance. As the DApp industry continues to evolve and expand, platforms like Near are proving to be formidable contenders in the crypto space.
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