DappRadar report: The active wallet growth in the dApp industry increased by 124% in 2023, and the total locked value of DeFi reached $103 billion

According to CryptoPotato, the 2023 industry report released by DappRadar shows a year-on-year growth of 124% in the number of active wallets (UAW) in the decentralized application (dApp) industry. The report outlines key trends in areas such as NFTs, DeFi, and blockchain games. Blockchain games dominate dApp activity with a share of 34%, reaching an average UAW of 1.1 million by the end of the year. Growth has also been achieved in NFT collections and DeFi, with a 166% increase in new NFT wallets and a 77% increase in total locked value (TVL) for DeFi, reaching $103 billion. The report also analyzes performance dynamics across different blockchain networks, highlighting Near, Klaytn, and Arbitrum as having achieved the highest growth rates in terms of new user wallet creation at over 600% year-on-year. Despite a decrease in trading volume by 49%, amounting to $12.6 billion, widespread adoption of NFTs was observed within the field throughout 2023. Traditional companies, fashion brands, and political entities joining game studios have embraced NFTs leading to a growth rate of 445% in NFT sales volume. The report further indicates that DeFi generated significant returns with a TVL of $103 billion in 2023 representing a year-on-year growth rate of 77%. Ethereum continues to maintain its leadership position accounting for approximately57%ofthe smart contract platform space while Layer-2 networks are preferred due to their efficiency and low transaction costs.