Web3 Performance Report: Crypto Wallets, Airdrops, and dApps in Q2 2024

The world of cryptocurrency and Web3 technology is rapidly evolving, with new trends and developments shaping the landscape. According to a recent report by NFT Marketplace, the number of unique active crypto wallets has exceeded 10 million in the second quarter of 2024, marking a significant increase from the previous quarter.

One of the key drivers of this growth is the rise of crypto airdrops, which are incentivizing more people to create digital wallets and participate in the Web3 ecosystem. Airdrop farming, as it is known, involves users collecting free crypto tokens through promotions and rewards offered by various Web3 projects. This trend has led to a surge in the number of Uniquely Active Wallets (UAW), although experts caution that this growth may not be sustainable in the long term.

In addition to airdrop farming, interest in decentralized applications (dApps) is also on the rise, particularly in the social media and networking sectors. The number of unique active wallets connected to social dApps has exceeded 1.9 million, highlighting the growing popularity of these platforms among users seeking more control over their content and monetization.

However, not all sectors of the Web3 ecosystem are experiencing the same level of growth. Decentralized finance (DeFi) has seen a slowdown in recent months, with the total locked value (TVL) decreasing from $175 billion to $168 billion. Similarly, blockchain games have also experienced a decline in interest, as concerns about fraud and hacking continue to plague the sector.

Despite these challenges, the overall outlook for Web3 remains positive, with experts predicting that ongoing developments in the blockchain industry will help address some of the issues currently facing the ecosystem. As more people embrace the possibilities of Web3 technology, the future of cryptocurrency and decentralized applications looks brighter than ever.