The Wild West of the internet, web3, saw a massive land rush in 2023, according to a new report by DappRadar.
The report stated that the number of people interacting with web3 applications, also known as dApps, skyrocketed a staggering 124% compared to the previous year.
This digital “gold” rush was fueled by three main prospectors: blockchain gaming, non-fungible tokens (NFTs), and decentralized finance (DeFi).
Blockchain games, emerged as the sheriff of the frontier, attracting 34% of all dApp users. The allure of play-to-earn mechanics and unique ownership drew in millions of new prospectors.
NFTs, weren’t far behind, experiencing an increase in new users. With a record of 166% rise in new NFT wallets, it seemingly attracted a diverse crowd of collectors and investors.
DeFi, the Wild West’s alternative banking system, also saw a boom, with the total value locked in DeFi protocols jumping 77% to reach a whopping $103 billion.
The report also reveals the top-performing blockchains and dApps in 2023, based on various metrics such as UAW, total value locked (TVL), and trading volume.
Near, Klaytn, and Arbitrum were the fastest-growing blockchains in terms of UAW, with growth rates of 1,902%, 1,099%, and 624%, respectively.
Ethereum, Solana, and Binance Smart Chain were the leading blockchains in terms of TVL, with values of $59 billion, $18 billion, and $9 billion, respectively.
Blur, OpenSea, and Axie Infinity were the dominant dApps in terms of trading volume, with amounts of $7 billion, $2.5 billion, and $1.8 billion, respectively.
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%.
But not all corners of the web3 economy saw prosperity. Some blockchains, like Solana and Hive, faced challenges, while security concerns remain a looming threat.
Despite these dangers, the overall picture painted by DappRadar’s report is one of a thriving and rapidly evolving digital ecosystem.
