According to the latest report from the analytics platform DappRadar, the number of unique active wallets (UAW) that engage with Web3 apps has increased by 124% in 2023. NEAR, itself Klaytn and Arbitrum led the year in growth, meanwhile Solana, Harmony, and Hive saw a decline in the number of unique users.
The term “UAW” is a measurement of how many unique active wallets interacted with a Web3 app, also known as a decentralized application (DApp) over a particular time frame.
Over the course of the last year, an average of 4.2 million UAWs interacted with these apps on a daily basis, and this number is more than double the previous year’s users. However, (NFT) products led the way in growth, posting a 166% increase over 2022, meanwhile decentralized finance (DeFi) came in 2nd spot with a 112% increase. According to the report, Social media apps generated a 29% gain, thanks to “leading protocols” Lens Protocol, Friend.tech, and Galxe.
NEAR Protocol
NEAR stood out with the most remarkable growth rates among all blockchain networks, showcasing an extraordinary increase of 1,902%. In comparison, on the other hand, Klaytn experienced a significant growth of 1,099%. Meanwhile the 3rd spot went to Arbitrum, which witnessed a notable growth of 624%. Some of the top decentralized applications (DApps) on these networks include the loyalty rewards platform Kai-Ching, and the fitness application SuperWalk, and the decentralized exchange Uniswap v3.
According to the DappRadar report, Harmony, Solana, and Hive experienced significant setbacks throughout the year, with Harmony’s Unique Active Wallets (UAW) plummeting by 96%, meanwhile Solana’s by 76%, and Hive’s by 68%.
The reason behind Harmony’s decline was attributed to a bridge exploit that happened in June 2022, which led to hindering its recovery in the year. Solana faced similar challenges, notably due to its association with FTX. Despite these hurdles, Solana demonstrated an impressive recovery in the final months of 2023, mitigating its losses for the year, as highlighted in the report.
On the other hand, the report speculated that Hive network’s decline in number of unique users might be linked to the failure to meet financial targets and the reporting of substantial losses. Notably, Hive network serves as the host for Splinterlands, the 11th-ranked Web3 game by UAW.
At The End
Among blockchain developers, NEAR is considered a project definitely worthy of attention. Ultra-fast and cheap transactions, extensive functionality and freedom of development – all this allows to create applications that will be useful and convenient for users. Fully compatibility with Ethereum, which is also a great benefit, so it is not difficult to switch from Ether to NEAR or vice versa.
