According to NFT Marketplace, the number of unique active crypto wallets exceeded 10 million from April to June. This report describes Web3’s performance in the second quarter of this year. In the second quarter of 2024, the user base of digital wallets increased by 40% compared to the March quarter. According to DappRadar, the cryptocurrency airdrop trend is one of the main reasons for the rapid adoption of cryptocurrency wallets into the ecosystem.
Crypto airdrop encourages the creation of Web3 wallets
In a report on current trends in Webspace 3, DappRadar says that “aerial farming” encourages more people to create digital wallets and collect free crypto tokens for promotions and rewards.
Airdrop farming refers to the process by which cryptocurrency seekers identify Web3 projects that announce token airdrops and accumulate crypto tokens in their wallets by participating in games and competitions.
DappRadar caught this trend before crypto projects used this statistic to conduct airdrop giveaways, especially since there were several fraudulent “crypto giveaways” posts that caused people financial losses.
“Current trends in airdrop farming have resulted in an increase in Uniquely Active Wallets (UAW), but this increase may not be sustainable in the short term,” the company said in a report. A focus on providing a great user experience, a strong roadmap, and a strong development team are essential to ensure long-term user retention post-airdrop.
Interest in dApps is growing
Social media and networking-related dApps grew 66% in the second quarter of this year, and interest continues to grow. According to DappRadar, the number of unique active wallets connected to social dApps exceeded 1.9 million between April and June.
With the creation of new cryptocurrency wallets, the decentralized applications (dApps) space also saw significant growth in the second quarter of this year. Decentralized applications, based and supported on blockchain networks rather than traditional Web2 servers, are open source software applications controlled by a collective user base rather than an individual or company.
Social media-related dApps are at the top of the list of sectors benefiting from the growing interest in dApps. Compared to the Web2 platform, dApps offer more control over content and monetization while keeping the risk of censorship at bay.
Declining interest in DeFi and blockchain games
Decentralized finance (DeFi) growth has slowed by four percent in recent months due to continued volatility in the cryptocurrency market. Due to the hype surrounding cryptocurrency ETFs and changes in countries and governments announcing regulations for cryptocurrency companies, the cryptocurrency market is trending downward. Numerous hacks, scams and legal disputes between cryptocurrency companies and international authorities have also affected the sector.
In the second quarter of 2024, the total locked value (TVL) of the DeFi sector decreased from $175 billion (approx. 14,61,346 billion) in the first quarter to $168 billion (approx. 14,02,892 billion). End of the second quarter. “- says the message.
The situation is similar with blockchain games, despite being one of the leading categories of decentralized applications worldwide. Between April and June, the share of blockchain games in the dApps segment decreased by two percent.
Many people who connect to Web3 through games and NFTs fear losing their investments due to fraud or hacking, which prevents them from freely using these technologies. Hackers managed to steal $430 million in the second quarter of 2024 – hacking sites like Gala Games, Lykke Exchange, and Holograph. However, the report estimates that the number of these incidents may be affected by current developments in the blockchain industry.
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