The year 2023 has been a pivotal one for the world of Web3 applications. According to a recent report by DappRadar, a blockchain analytics platform, Web3 applications grew by a phenomenal 124%. This remarkable expansion was mainly driven by three key players: Near, Klaytn and Arbitrum.
An overview of the growth of Web applications3
The report shows that the number of unique active wallets (UAWs) interacting with web applications3 more than doubled in 2023. On average, 4.2 million UAWs interacted with these applications on a daily basis, a significant increase on the previous year.
Among the various Web3 application segments, non-fungible token (NFT) products saw the strongest growth, with an increase of 166% compared to 2022. Decentralised finance (DeFi) followed with an increase of 112%. Social media applications also saw significant growth, up 29%, thanks to leading protocols such as Friend.tech, Lens Protocol and Galxe.
Leaders in growth
Near, Klaytn and Arbitrum stood out for their high growth rates. Near grew by 1,902%, Klaytn by 1,099% and Arbitrum by 624%. Among the most popular applications on these networks are loyalty rewards platform Kai-Ching, fitness app SuperWalk and decentralised exchange Uniswap v3.
Conversely, Harmony, Solana and Hive suffered the biggest losses. Harmony’s UAW fell by 96%, Solana’s by 76% and Hive’s by 68%. Harmony’s decline was attributed to its bridge exploit in June 2022 and its inability to recover thereafter. Solana experienced similar problems due to its association with FTX, although it did make an impressive recovery towards the end of the year.
Conclusion
The year 2023 marks a turning point for the Web3 ecosystem, with increased adoption and dynamic growth across a range of sectors. This upward trend indicates a growing interest in decentralised technologies, laying the foundations for continued innovation in this rapidly expanding field.
