๐ WEB3 USERS HIT 10 MILLION ATH IN Q2!!! ๐
๐ The second quarter of 2024 marked a significant milestone for Web3 as the number of unique daily active wallets (dUAW) reached an all-time high of 10 million, according to a July 4 report from DappRadar. This represents a 40% increase from Q1, setting a new record in the Web3 landscape.
๐ Growth Across All Sectors ๐
๐ฅ Each sector within the decentralized application (DApp) industry saw notable growth, contributing to an overall bullish trend. The social sector led the charge with a staggering 66% increase in dUAW, propelled by popular apps like Fantasy.top and UXLINK.
๐ฎ The blockchain gaming sector also experienced an uptick in users, although its overall market share saw a slight decline compared to other sectors.
๐จ NFT marketplaces reached their highest usage since Q1 2023, amassing $4 billion in trading volume with over 14.9 million individual NFT trades. Magic Eden saw its market share rise from 17% to 22%, while Blurโs dominance dropped to 31%.
๐น DeFi and Trading Platforms Surge ๐น
๐ Decentralized exchanges like Uniswap and Raydium saw significant growth in user activity, with Uniswapโs users increasing by 80% and Raydiumโs by 134%, driven by a surge in memecoin trading.
๐ฐ Despite the increase in user activity, the total value locked (TVL) in decentralized finance (DeFi) applications fell by $7 billion, a 4% decline from the previous quarter. Tron and Arbitrum were notably impacted, losing 17% and 9% of their TVL, respectively.
๐ Notable Exceptions and Highlights ๐
๐ Ethereum layer-2 solutions Linea and Base were the outliers, with Lineaโs TVL soaring by 420% and Baseโs by 44%.
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