In August, the decentralized finance (DeFi) and social decentralized applications (dApps) sectors saw a significant increase in daily unique active wallets (dUAW), reaching a record 17 million average dUAWs according to a report by DappRadar. Raydium and Uniswap v2 were among the most active applications in the blockchain sector, with 18.8 million and 4.8 million monthly unique active wallets, respectively. Raydium experienced a notable 107% growth in activity, while Uniswap v2 saw a 9% decline. Despite the increase in monthly unique users, DeFi applications only accounted for 12% of all activity last month, averaging 2 million dUAW.
In contrast, the social sector accounted for 23% of industry activity with 3.9 million dUAW in August, second only to gaming applications’ 24% dominance. The opBNB-based social platform CARV saw a significant increase in usage with 28 million unique active wallets, a 2,331% monthly increase. Additionally, the Web3-based shopping application KAI-CHING garnered 16.7 million monthly unique active users and was the second-largest application by usage in August, despite a 4% decrease in user base. HOT Game, deployed on Near Protocol, rounded out the top five most used blockchain applications with 4.1 million monthly unique active wallets.
Despite the increase in activity, the DeFi sector saw a decline in total value locked (TVL) in August, dropping to $124 billion as the wider crypto market experienced declines. DeFi applications also saw a decrease in revenue, recording $65.4 million in August, a 13% decrease from July’s revenue of $75 million. This decline in revenue contrasts with the growing user activity seen in the DeFi sector last month.
Overall, the DeFi and social dApp sectors saw significant growth in activity in August, with notable increases in daily unique active wallets. While DeFi applications experienced a surge in user activity, the sector’s total value locked and revenue did not see corresponding growth. The social sector also saw a rise in usage, with platforms like CARV and KAI-CHING attracting a large number of unique active wallets. As the dApp industry continues to evolve, it will be interesting to see how these trends develop and impact the overall blockchain ecosystem.
