Web3’s 124% Surge in 2023: Near, Klaytn, Arbitrum and Unique Active Wallets Spotlight – DappRadar Exclusive!
Written byRock Buivy
Post Date: 26 Jan, 24
In 2023, there were over twice as many unique active wallets for blockchain applications. In a study released on January 11 by DappRadar, it was revealed that the interaction of unique active wallets (UAW) with Web3 apps surged by 124% in 2023.
Notably, Near, Klaytn, and Arbitrum experienced substantial growth, in contrast to Harmony, Solana, and Hive, which witnessed a decline in users.
UAW, or unique active wallets, serves as a metric to measure the quantity of wallet interactions with a Web3 application, also known as a decentralized application (DApp), within a specific time frame.
Over the course of the year, these apps were used by an average of 4.2 million UAWs per day, which is more than twice as many as the previous year.
Products involving nonfungible tokens (NFTs) saw the greatest growth, rising 166% over 2022; decentralised finance (DeFi) saw the second-highest increase, up 112%.
According to the survey, social media apps saw a 29% increase, largely attributable to “leading protocols” including Lens Protocol, Galxe, and Friend.tech.
Of all blockchain networks, Near, Klaytn, and Arbitrum had the fastest growth rates. Near reported a rise of 1,902%, Klaytn of 1,099%, and Arbitrum of 624%.
The fitness app SuperWalk, the decentralised market Uniswap v3, and the loyalty rewards platform Kai-Ching are a few of the most popular DApps on these networks.
Wins, Losses, and the Ascendance of Unique Active Wallets
Throughout the year, Harmony, Solana, and Hive suffered the greatest losses. UAW dropped by 96% in Harmony, 76% in Solana, and 68% in Hive.
According to the research, Harmony’s downfall was caused by its June 2022 bridge exploit and its failure to bounce back the following year.
Solana encountered comparable issues as a result of its affiliation with FTX.
Nevertheless, the report stated that Solana “saw an impressive recovery during the last months of 2023,” enabling it to end the year with fewer losses than it otherwise would have.
“In 2023, Harmony, Solana, and Hive experienced substantial declines in unique active wallets (UAW). Harmony’s 96% drop was attributed to a security breach in June 2022 and subsequent struggles. Solana, facing challenges due to its affiliation with FTX, saw a 76% decrease in UAW. However, Solana showcased an impressive recovery in the latter part of 2023, mitigating its losses and ending the year on a more positive note.”
The report provides additional confirmation of the growing activity on blockchain networks over the past year. In October, the Arbitrum network witnessed the addition of nearly 10,000 unique active wallets (UAW) fueled by the popularity of the social networking app Stars Arena.
Furthermore, a surge in transaction volume during November resulted in the Ethereum network generating an impressive $54.3 million in fees within a single week.
While blockchain activity generally continued to trend upward, Harmony, Solana, and Hive had considerable declines in their unique active wallets (UAW) throughout the course of the year.
Due to a security breach on its bridge in June 2022 and its ensuing struggles to recoup the following year, Harmony experienced a startling 96% decline.
Solana, which faces similar difficulties because of its affiliation with FTX, experienced a 76% decrease in UAW.
The analysis did point out that Solana made a stronger-than-expected comeback in the latter months of 2023, reducing its losses and ending the year in a more optimistic manner.
The paper also provided insight into significant advancements in the blockchain field.
With the acquisition of nearly 10,000 unique active wallets (UAW) in October, the Arbitrum network saw a significant rise in activity, primarily due to the increasing popularity of the social networking app Stars Arena.
Moreover, a spike in transaction volume in November let the Ethereum network earn an astounding $54.3 million in fees in a single week, highlighting the ecosystem’s ongoing dynamism and expansion.
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