In May 2024, the total value locked (TVL) in decentralized finance (DeFi) applications surged to $192 billion, marking the highest figure since February 2022, says a new report by DappRadar.
The figure represents a 17% increase Month-over-Month and was driven by rising token prices, especially $ETH, which increased by 25%.
Ethereum continues to maintain the lion’s share of the overall DeFi TVL, currently standing at 68% dominance.
Solana follows closely behind, benefiting from recent memecoin trading and DeFi initiatives on its network.
Furthermore, the native $SOL token has experienced a notable 11% surge in value over the past 30 days.
Despite the growth in total value locked (TVL), daily unique active wallets (UAW) decreased by 21% to 1.75 million for the month, which now constitutes 17% of the UAW for all Web3 applications combined.
The gaming sector witnessed over 3 million active users, marking a 7% rise from the previous month (April 2024).
“This continued growth highlights the strong engagement and expanding user base within the gaming dapp sector. Gaming now accounts for 30% of the total dapp activity, cementing its dominance in the industry,” said DappRadar.
Non-fungible token (NFT) marketplace users increased by 11%, reaching 1.52 million UAW, while Web3 social media apps saw a substantial uptick, reaching 1.92 million UAW, representing a 29% increase.
According to the report, the total number of Web3 daily unique active wallets (UAW) has now reached 10.4 million. An earlier report from April 2024 indicated that UAW had surpassed 7 million in Q1 2024, rising from 4.3 million users in 2023.
This data collectively demonstrates a consistent trend of growing user engagement with Web3 applications.
“While everyone is anticipating the next bull run, this time may be different. More and more projects are developing incredible solutions with cutting-edge technology,” the report notes.
“Perhaps, just perhaps, we are already in the midst of a bull run. Only time will tell what the future holds. Let’s see what happens next.”
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