DeFi and Social dApps Witness Soaring User Engagement, Yet Revenue Trails Behind
During August, decentralized finance (DeFi) and social dApps saw a substantial uptick in daily unique active wallets (dUAWs), driving overall growth in the dApp sector. The most recent report from DappRadar reveals a new high of 17 million average dUAWs, marking a 9% increase from the prior month.
Insights from Experts:
Decentralized exchanges Raydium and Uniswap v2 emerged as notable forces in the DeFi realm, amassing 18.8 million and 4.8 million monthly unique active wallets, respectively. Raydium registered a remarkable 107% surge in activity, whereas Uniswap v2 experienced a slight 9% downturn, signaling the rising adoption of the Solana blockchain.
Market Landscape:
Although DeFi platforms claimed two spots in the top five most active platforms for August, with nearly a 10% rise in monthly unique users, they only represented 12% of the total industry activity. Conversely, social dApps accounted for 23% of industry engagement, boasting 3.9 million dUAWs in August, ranking closely behind gaming applications.
Implications and Analysis:
CARV, a social platform built on BNB, witnessed a staggering 2,331% increase in monthly unique active wallets, securing the top spot among applications in August. KAI-CHING, a Web3 shopping app on Near Protocol, attracted 16.7 million monthly unique active users, despite a minor dip in its user base. The drop in DeFi’s total value locked (TVL) and revenue in August, amid rising user activity, sparks concerns regarding the sustainability of sectoral growth.
Wrap-up:
While DeFi and social dApps enjoyed a surge in user engagement in August, revenue and TVL within the DeFi domain failed to grow in tandem. The growing popularity of Solana and the exceptional performance of social applications like CARV underscore the shifting dynamics of the dApp landscape. The future evolution of decentralized applications in the blockchain realm will be shaped by these ongoing trends.
