DeFi and social dApps saw a notable increase in the number of daily unique active wallets (dUAW) in August, as the entire dApp sector hit a record 17 million dUAW on average, up 9% from the previous month, according to a report from DappRadar.
Challenge
Decentralized exchanges Raydium and Uniswap v2 had 18.8 million and 4.8 million monthly unique active wallets, respectively, in August, making them the second and fourth most active applications in the blockchain industry during the period.
Notably, Raydium saw a 107% month-on-month growth in activity, while Uniswap v2 dropped by 9%, highlighting the growing trend in user activity on Solana.
Despite having two of the top five most interactive platforms last month and a nearly 10% increase in monthly unique users, DeFi applications averaged 2 million dUAW and accounted for just 12% of all activity observed last month.
Social
At the same time, the social sector accounted for 23% of industrial activity with 3.9 million dUAW in August, only surpassed by the 24% dominance of gaming apps.
opBNB-based social platform CARV was the most used app last month, with 28 million unique active wallets, a month-on-month increase of 2,331%.
Additionally, Web3-based shopping app KAI-CHING recorded 16.7 million unique monthly active users, making it the second most-used app in August. This figure is significant, as the Near Protocol-based app achieved this feat despite losing 4% of its user base.
HOT Game, also deployed on Near infrastructure, rounded out the top five most-used blockchain applications in August, with 4.1 million unique monthly active wallets.
TVL and revenue decline
Although DeFi apps have seen a month-on-month increase in activity, the industry’s total value locked (TVL) and app revenue have not grown in tandem.
DeFi dapps saw a 15% drop in August, falling to $124 billion as the broader cryptocurrency market saw declines.
On the revenue side, DeFi apps had one of their worst months so far this year, recording $65.4 million according to data from TokenTerminal. This is a 13% drop from the roughly $75 million in revenue in July, contrasting with the increased activity seen last month.
