Record-Breaking Daily Active Wallets, TVL, and NFT Trading Volume

TL;DR

• dUAW Record: Start 2024 with 5.3M Daily Active Portfolios, an increase of 18%.
• DeFi on the Rise: DeFi reaches $110B in TVL, Ethereum leads with 68%.
• NFT and Gaming Boom: NFT Operations at $1.5B, highlighting Azuki; Gaming with 1.5M dUAW, 28% of the industry.

The decentralized application (Dapp) industry has kicked off 2024 with an impressive milestone: 5.3 million Daily Active Unique Wallets (dUAW), marking an 18% increase from the previous month.

This number, the highest since 2022, indicates continued momentum and optimism on the horizon with the approaching Bitcoin halving.

Within the industry, the blockchain gaming sector maintains its leadership position with 1.5 million dUAW, showing consistency in its performance.

Simultaneously, the Decentralized Finance (DeFi) space has reached a new high, with Total Value Locked (TVL) of $110 billion, up 7% and Ethereum consolidating 68% of the TVL.

This rise is attributed to growing confidence in the start of a new bull market, spurred by the launch of new chains offering “airdrops.”

Non-Fungible Token (NFT) Transactions have also recorded a trading volume of $1.5 billion, with 903,479 unique traders.

Featured collections like Azuki, Gas Hero, STEPN, and NodeMonkes show the diversification of the NFT market, moving away from prominent collections.

As for specific Dapps, KAI-CHING continues its dominance as the top one, closely followed by motoDEX

A new contender, Sleepless AI, has quickly gained ground in third place, underscoring the strength of gaming on Web3.

Ethereum maintains its reign in DeFi, holding 68% of the TVL.

The launch of the “Dencun” project and its “proto-danksharding” feature demonstrate a significant step towards reducing transaction costs and improving data storage in secondary layers of Dapps.

Despite a 16% decline in NFT trading volume, Blur stands out with a 47% share of trading volume, although it only represents 4% of sales.

This phenomenon indicates a focus on high-value NFTs with an average price of $3,260.

Meanwhile, OpenSea, although with a lower share in volume (6.6%), dominates 14% of sales with an average price of $136.

The blockchain gaming sector demonstrates its impact, with 1.5 million dUAW, representing 28% of the Dapps industry.

Four of the six most traded NFT collections are linked to games on the blockchain, highlighting the growing integration of NFTs and games.

However, the industry is not without its challenges.

Vulnerabilities and hacks have resulted in significant losses, with $41 million in January, an increase of 180% year-over-year.

This highlights the importance of security in the digital asset space.

The Dapps industry shows sustained growth and diversification, with gaming, DeFi and NFTs playing key roles.

Although facing security challenges, the sector appears poised for continued innovation and expansion.