Although Bitcoin is now 12% lower in price than in Q1-2024, the primary indicators and traffic show a thriving industry.
Let us look at the Dapp industry.
The Dapp Industry
In Q2-2024, the Dapp sector saw massive unique active wallet (UAW) transactions. The social sector experienced an increase of 66% more than the last quarter. It averaged over ten million daily unique active wallet addresses. This is due to the growing interest in Web3, with use cases like fantasy.top, UXLINK, and quests.
The gaming sector dominates the dapp industry. Its share has fallen by 2% from the previous quarter, followed by the same decline in the DeFi sector.
Source: DappRadar
DeFi TVL
DeFi TVL in Q2-2024 is $168 billion. Ethereum led the way, reporting $120 billion in TVL. It was 9% higher than Q1 2024. In Q1-2024, there was a lot of hype around memecoin increasing Solana’s TVL, but in Q2-2024, the hype died down. Solana’s TVL in the Q2-2024 report displayed $9.6 billion.
- Tron saw a decline, cutting its TVL to $8 billion due to regulatory concerns. The total value locked in arbitrum declined and stood at $4 billion, a 9% drop. Arbitrum, an L2 solution, lost a lot of market share to other L2 networks and competing Layer-1 chains.
- Base was one of the few tokens that could gain more, increasing its TVL by 44% to equal $1.9 billion. The chain’s innovative approach, community, and strategic partnerships were pivotal in its growth.
- Linea’s TVL soared and moved to $1 billion. The TVL surge is because of its involvement with Dapps and partnerships. The increase in user adoption was a result of airdrop farming. Linea remains one of the few Layer-2 solutions without its token.
Source: DappRadar
Of all the DeFi Dapps, Raydium and Uniswap V3 had the largest turn-up based on unique active wallets (UAW). This resulted from an increase in memecoin trading activity.
NFTs
In the second quarter of the year 2024, most NFTs have continued to stay firm. The analysis by DappRadar highlighted that Q1-2024 was one of the best quarters since Q1-2023.
But, Q2 2024 numbers are even higher. NFTs generated $4 billion in trading, which was up 3.7%. The quantity of sold NFTs increased by 28%, reaching 14. 9 million.
Source: DappRadar
NFT Marketplace
Analyzing the NFT marketplace share, Blur remains the market leader with 31% of the market share. It experienced a 50% decrease from the previous quarter.
Magic Eden follows, experiencing success with Ordinals and increasing its dominance from 17% to 22%. OpenSea ranks third in trading volume and dominance but is the most dominant NFT marketplace by sales, with a 12% market share.
Source: DappRadar
The Largest Collections by Trading Volume
Three of the 5 NFT collections by trade volume this quarter are like Q1, with Runestone and fantasy.top taking the place of others. Two of these collections are popular in the second quarter of 2024.
In the second part of this article, you will discover more insights that you must be aware of.
Disclaimer
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