DappRadar: The dApp Industry Keeps Doing Well, Social dApps on the Forefront

The dApp industry keeps doing well. For example, one indicator is the Unique Active Wallets (UAW). They went up by 78% which equals 15.9 million daily UAW (dAUW) compared to June.

The dApp industry had a good H1 2023. For example, one indicator is the Unique Active Wallets (UAW). They went up by 78%, which equals 15.9 million daily UAW (dAUW) compared to June. Gaming used to be the leading force in the dApp industry. However, its dominance dropped during July to 26%.

The ‘Other’ category surpassed it with a 28% lead. This category has some AI-related dApps. For instance, Alaya AI or DIN. The ‘Social’ category also keeps growing. It currently has a 20% dominance. This translates to 3.1 million dAUW.

The NFTs category surpassed DeFi. NFTs saw a 67% activity increase and have a 15% dominance. DeFi only got up to 11%. Near, opBNB, Solana, and Base are the top chains. The picture below shows dominance by category.

Social dApps on the Forefront

The Social and DeFi categories are the most popular apps measured by dAUW. Kai-Ching took the lead in June with a 28% increase or 17 million dAUWs. This dApp unlocks AI-powered shopping. Revox | ReadON takes second spot. This is a decentralized content distribution platform. It saw a massive 208% increase, totaling 12 million dAUWs.

The social dApps manage to involve their users actively. Hence, their high ranking. Raydium, the Solana-based DEX, takes spot 3. It went up by 66%, which translates to 8.74 million dAUWs. See the picture below.

DeFi’s TVL Is on Par with the Q1 2024 Levels

DeFi’s TVL (Total Locked Value) keeps growing. Since the start of this year, it has seen a positive trend. So, July was no different. TVL peaked at $175 billion in July. That’s a 5% increase compared to June. This also matches the Q1-2024 closing value.

The $ETH spot ETF launch and memecoin trading both have their share in reaching these numbers. However, Ethereum still has the first-mover advantage. As a result, it dominates this category by holding 66% of all TVL. Solana comes in second.

L2s also keep doing well. Linea gets the thumbs up. It’s currently the 10th largest chain by TVL. Airdrop rumors keep fueling this narrative. Avalanche also made a surprise appearance. It digitized 42 million car titles of the California DMV (dept. of Motor Vehicles) on its chain. This shows a practical use case for Web3. The picture below shows the TVL over 1 year.

This sums up Part 1 of this 2-Part series. Keep an eye out for Part 2.