Web3 user base surged by 124% in 2023, Near, Klaytn, and Arbitrum projects took the lead

Based on the most recent data from DappRadar, there was a noteworthy surge of 124% in the number of unique wallets engaged with blockchain applications in 2023.

Web3 user base surged by 124% in 2023, Near, Klaytn, and Arbitrum projects took the lead

Leading this growth were the projects Klaytn, Near, and Arbitrum. Near exhibited the most remarkable increase of 1,902% in the number of unique addresses.

Conversely, certain networks experienced a decline in user activity, with Solana, BNB Chain, Harmony, and Hive facing notable outflows. Among them, Harmony witnessed the most significant drop of 96%, attributed in the company’s report to a bridge exploit in June 2022.

Solana faced difficulties due to its association with FTX, resulting in a 76% reduction in users. However, it is important to highlight that Solana demonstrated substantial recovery by the end of the previous year.

Hive also saw a decline in users, potentially influenced by missing financial targets and reporting of substantial losses.

By the end of 2023, more than 4 million unique addresses were actively engaging with Web3 apps daily. The most substantial surge was in NFT projects, experiencing a remarkable 166% growth in users compared to 2022. Despite this, the trading volume within the NFT sphere faced a decline of 49%, amounting to $12.6 billion.

Simultaneously, decentralized finance (DeFi) applications were highly desirable, showcasing a substantial 112% surge in user count.

At the same time, many organizations are actively pursuing advancements in the realm of Web3. eBay is actively recruiting employees for Web3-focused roles and FC Barcelona intends to actively develop Web3 initiatives.

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