For DApps (decentralized applications), one more significant shift during the third quarter of 2024 was the increase in 70% to Dapp’s daily active unique wallets of approximately 17.2 million, according to crypto reports. Such a surge, described by DappRadar in the quarterly report published recently, proves the organic growth of decentralized applications across the entire crypto world.
According to DappRadar data, such smashing statistics reflect a growing interest in AIs and MLs, games, and DEXs. The increase comes at a time when firms are venturing beyond the core business of games, with artificial intelligence and social networks presenting a large share of the growth.
The Emergence of Artificial Intelligence in Decentralized Applications
As a result of the new trends and patterns presented in the Q3 report prepared by DappRadar, one of the most significant discoveries is the explosive growth of artificial intelligence-based decentralized applications. As per the report, overall daily UAWs on applications related to artificial intelligence were estimated at 4.3 million, and the sector has a quarterly growth of 71%.
Gino Matos, an analyst at DappRadar, noted, “We have witnessed how AI solutions disrupted the decentralized world and are exploring no-limits in front of dApps and their enhancements.” He also said that it is due to the efforts of data processing layer DIN and distributed AI data platform Alaya that the activity has increased sharply. Hence, both have played a very big role in improving user adoption through the implementation of AI in blockchain solutions.
This is a new era for dApps as this decentralized space is now leveraging top-notch advanced technologies offering more unique and real-life applications for users such as in data analysis and predictive modelling. As the number of new AI-inspired dApps is steadily increasing, the prospects of decentralized Apps remain as bright as never.
Gaming’s Decline: A Shift Towards Innovation
Even though gaming dApps continue to dominate the decentralized ecosystem, their percentage has slightly declined. Gaming’s share in the total dApp usage, according to DappRadar, dropped from 28% in Q2 to 26% in Q3. This decline is due, in part, to users over time preferring newer applications across the boards and specifically more applications that are AI and social in nature.
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By this, there has been an impassionate of the Gaming dApps including HOT Game that is a gamified wallet on Toncoin; 1.64 million Unique Active Wallets around Q3. Similarly, another Ronin-based gaming dApp, Pixels, secured the fifth highest position by daily active wallets with 656,000.
He said: “Thus, the reduction of the market share of gaming does not mean a decrease in interest.” However, it looks more like the shift in the market of dApps, where people are experimenting with novelties in technologies such as AI and social networks. This sentiment can be attributed to the fact that dApp users have a greater interest in fresh products and services as this market develops.
DEX Growth Amid DeFi Struggles
Despite more significant overall DeFi TVL decline of 12% in Q3 from $150B to nearly $133B, decentralized exchanges (DEX)s remained strong. Data from DappRadar shows that both Raydium and Uniswap witnessed a spike in daily Unique Active Wallets (UAW) primarily in memecoin trading.
Raydium – one of the leading decentralized exchanges built on the Solana blockchain – reported 1,180,000 daily Unique Active Wallets (UAW); Uniswap V2 and V3 claimed 459k daily UAW. Estimates like these prove how DEXs remain popular all the while the rest of the DeFi space stumbles.
This also supported the growth of the DEX division of Jupiter Exchange with 216K daily UAW making it the third most used DeFi dApp. The upswing in DEX points to growth in the adoption of decentralized trading and the capability to attract users during volatile markets.
Conclusion: A New Era for dApps
The industry of decentralized applications is poised to enter a new discreet where user engagements and technologies, among others, are unprecedented. This view is well depicted in DappRadar’s Q3 report, where praises are sung on traditional sectors such as gaming while sectors such as AI and DEX are rapidly emerging. That 70% increase in dApp usage and those 17.2 million in daily active wallets prove that dApp is no longer a marginal field but a major momentum in the blockchain industry.
With AI apps and dEx still in the development stage in the blockchain industry, the future for the dApp sector appears quite promising. Innovated in its nature, the decentralized application space must experience further growth in the following months. Keep following TheBITJournal and keep an eye on crypto updates and trends.
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