A recent report from DappRadar on July 4 revealed that the number of users engaging with Web3 applications hit an all-time high in the second quarter. Daily unique active wallets (dUAW) reached around 10 million, marking a 40% surge from the previous quarter. Various sectors within the decentralized application industry experienced significant growth, particularly in social and blockchain gaming sectors. Non-fungible token (NFT) marketplaces also saw a spike in activity, with trading volume hitting $4 billion. Decentralized exchanges like Uniswap and Raydium witnessed substantial increases in user numbers, driven by memecoin traders. Despite the user surge, the total value locked in decentralized finance applications dropped by $7 billion. DappRadar cautioned that the rapid growth in user activity may not be sustainable and emphasized the importance of enhancing user experience and development strategies to maintain momentum. Read more AI-generated news on: https://app.chaingpt.org/news