DappRadar: The average number of active unique wallets has reached 7 million per day

What’s new? DappRadar platform experts have noted a number of bullish indicators in the decentralized applications (DApps) and Web 3.0 sector in Q1. For example, from January to March, the use of DApps grew by 77%, and the average daily number of active unique wallets amounted to 7 million. In addition, the NFT market posted its best performance since Q1 2023, and the total value locked (TVL) of the DeFi sector approached record levels.

DappRadar’s report

What else is known? Social applications outperformed other members of the Web 3.0 industry in growth this past quarter, recording a 324% increase in the number of active unique wallets per day to 1,2 million, with blockchain gaming and DeFi leading the way in terms of usage.

For example, the TVL of DeFi protocols grew by 70% to $175 billion, driven by bullish market trends, including bitcoin hitting an all-time high above $73 500 and Ethereum rising to $4070.

The NFT sector recorded a 50% increase in trading volume (to $3,9 billion) and a 13% increase in sales (to 11,6 million), the highest since Q1 2023.

In the blockchain gaming sector, the average daily number of unique active wallets grew by 59% over the quarter to 2,1 million.

Analysts also note that Layer 2 (L2) networks based on the Ethereum blockchain have seen a surge in usage, especially after the Dencun hard fork, which reduced L2 fees by 60-90%.

VanEck predicts that the capitalization of Ethereum-based L2 networks will grow to $1 trillion by 2030

Analysts of the investment company expect the emergence of thousands of highly specialized Layer 2 blockchains

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Meanwhile, Solana-based crypto exchanges (DEXs) Jupiter and Raydium are leading the way in terms of activity, “reaffirms Solana’s comeback and its increasing significance in the DeFi ecosystem, marking a notable shift in user preference.” Solana’s success can also be traced back to the NFT sector, with Tensor entering the top 5, along with Magic Eden, a traditional marketplace. It has attracted interest with its low prices and the upcoming release of the TNSR governance token.

Solana has overtaken Ethereum in weekly stablecoin transaction volume with a $365 billion figure

Solana has reached $854,5 billion since the beginning of the month

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Analysts at DappRadar emphasized that the influx of new users “signals a robust recovery and the end of the longest bear market we’ve experienced.”

Meanwhile, losses from exploits and hacks in the sector fell 32% over the quarter to $407 million. However, there was a 9% increase compared to the same reporting period last year. High-capitalization networks continue to be the main targets. Ethereum (57%), BNB Chain (17%), and Arbitrum (14%) networks accounted for the majority of incidents.

Scam Sniffer previously reported that 57 066 crypto users lost nearly $47 million to phishing attacks in February. The share of ERC-20 tokens in the total volume of stolen coins amounted to 86%.