AI applications lead growth, boosting daily active wallets to 17.2M in Q3 2024.
In the third quarter of 2024, decentralized applications (dApps) experienced a significant surge in usage, marking a 70% increase in daily unique active wallets (UAW). This growth brought the total to 17.2 million, according to a report by DappRadar. The rise in activity was largely driven by AI-related dApps, which emerged as top performers in the sector.
AI-related dApps, such as Data Intelligence Network and Alaya AI, played a pivotal role in boosting blockchain activity. These applications alone accounted for 4.3 million daily UAWs, reflecting a 71% growth. This trend highlights the increasing integration of AI technologies within the blockchain ecosystem, offering innovative solutions and attracting more users.
While AI dApps thrived, the gaming sector maintained its dominance in the dApp landscape, despite a slight decline in market share. Meanwhile, the social dApp sector captured 19% of the overall activity, with platforms like CARV leading the way. This indicates a growing interest in social interactions facilitated by blockchain technology.
The decentralized finance (DeFi) sector faced challenges, with a 12% drop in total value locked, decreasing from $168 billion to $160 billion. However, decentralized exchanges (DEXs) such as Raydium and Uniswap saw growth, driven by the trading of memecoins. On the other hand, layer-1 blockchains like Sui and Aptos performed well, showcasing their resilience and potential for future growth.
The non-fungible token (NFT) industry experienced a downturn, with trading volumes plummeting by 60%. Despite this, platforms like OpenSea witnessed a rebound in activity, suggesting that while the market faced challenges, there remains a sustained interest in NFTs among certain user segments.
