- Average daily active unique wallets reached 7 million in Q1 2024, a 77% increase over Q4 2023
- NFT trading volume surged 50% to $3.9 billion, with sales up 13% to 11.6 million, marking the strongest quarter for NFTs since Q1 2023
- While most indicators show positive momentum for Web3, losses from exploits and hacks totaled $407 million in Q1 2024, up 9% year-over-year
DappRadar’s latest report highlights several bullish indicators for decentralized applications (DApps) and Web3 in Q1 2024.
DApp Usage Jumps 77% Quarter-Over-Quarter
DApps saw a 77% quarter-over-quarter increase in usage, with total daily active unique wallet counts reaching 7 million. This represents an approx. 40% rise since February 2024, marking the highest adoption rates since 2022.
According to DappRadar, the influx of new users signals a robust recovery and the end of the crypto bear market.
Growth Driven by Social DApps and NFTs
In Q1 2024, the social vertical led growth with a 324% surge in active wallets. Decentralized finance, gaming, and NFTs also performed well, but social media DApp activity could indicate a rising trend.
NFTs remained strong after a usage decline in 2022. Unique active daily wallet counts doubled to 4.8 million in 2023. Trading volume hit $39 billion in Q1 2024, up 50% year-over-year, while sales grew 13% to $1.16 million – the highest quarterly figures since Q1 2023.
Losses to Exploits and Hacks Increase
Despite the gains, losses from exploits and hacks rose 9% year-over-year to $407 million in Q1 2024. This represents a 32% decline from Q4 2024 but highlights ongoing security issues.
Conclusion
Almost every metric shows momentum for Web3, especially for NFTs and social DApps. However, losses from hacks remain a concern. Overall, DappRadar’s report paints an optimistic picture for decentralized apps following the crypto bear market.
