The Web3 industry as a whole had a lot of ups and downs in 2023, but despite all of the chaos, it was still able to record a boom and garner increased attention. According to new research by DappRadar, in 2023, the number of unique active wallets (UAW) that interacted with Web3 increased by 124 percent. Furthermore, 2,985 new decentralized apps (dApps) were added to the total last year.
In the Web3 industry, unique active wallets are a metric. It shows how many cryptocurrency wallets throughout time saw transactions of digital assets or were connected to dApps. 4.2 million UAWs on average used dApps in 2023; dApps operate on blockchain networks as opposed to conventional servers.
In 2023, UAW ranked the top ten blockchains, with Binance’s BNB Chain at the top. According to the DappRadar analysis, Wax, Near, zkSync-Era, Polygon, Ethereum, Abritrum, Hive, Klaytn, and Solana were ranked second through tenth on the list, in that order.
The interest in NFT collections has grown as more wallets are trading and utilizing these assets—a 166 percent increase. According to the research, games backed by blockchain technology are still leading the way in terms of dApp activity, with an average of 1.1 million UAW by year’s end and an annual dominance of 34%.
In the context of decentralized finance (DeFi), 2023 proved to be a fairly productive year overall. With Ethereum leading the way with a 57 percent share, the Total Value Locked (TVL) in DeFi increased by 77 percent in 2023 to $103 billion.
With over 860,000 monthly UAW, PancakeSwap is expected to emerge as the most popular dApp in 2023 and be credited as the leader in the DeFi space by DappRadar research. PancakeSwap is a decentralized cryptocurrency exchange known for its low fees and quick transaction processing.