INTRODUCTION:
Even though the crypto sector has been somewhat volatile the last three years, DeFi seems to be gaining ground with dApps. In the report that follows, freelance writer Rhodilee Jean Dolor tells us that in 2023, decentralized applications saw remarkable growth, with smart contract platform Near (NEAR) setting the standard.
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Crypto intelligence platform DappRadar says user activity on one Ethereum (ETH) challenger exploded in 2023 as decentralized applications (DApps) saw remarkable growth during the period.
According to DappRadar’s yearly industry report, smart contract platform Near (NEAR) recorded 302,000 new unique active wallets (UAWs) last year, marking a year-over-year (YoY) increase of 1,902%, the most out of any chain.
Enterprise-grade blockchain Klaytn (KLAY) and layer-2 scaling solution Arbitrum (ARB) rank next to Near as the networks with the highest UAW increase gain with 73,000 new UAWs, representing a 1,099% increase, and 88,000 UAWs, a 624% increase, respectively.
“In terms of chain performance, Near, Klaytn, and Arbitrum were the top gainers in UAW percentage increase. They had also a good performance looking with their token, as Near had an increase of 200% since the beginning of the year, Klaytn a 20% and Arbitrum a 32% increase since its launch in March 2023.”
Conversely, DappRadar says Ethereum rival Solana (SOL) recorded only 65,000 new UAWs in 2023, a 76% drop on a year-over-year basis. Web3-focused blockchain Hive (HIVE) saw 77,000 new UAWs, representing a 68% drop, as per the firm.
“Solana experienced a rough start of the year, influenced by its association with the FTX fallout. However, the Solana ecosystem saw an impressive recovery during the last months of 2023. Hive, primarily hosting the trading card game Splinterlands, also had a difficult year, missing financial targets and reporting significant losses.”
Overall, DappRadar says the DApp industry had a good run in 2023 with a 124% YoY increase in UAWs and ending the year with an average of 4.2 million daily UAWs.
“In 2023, the DApp industry surpassed all expectations, and reinforced the notion that it’s an enduring and evolving part of the global financial and technological landscape.”
