DappRadar: Dapps industry grew almost 10% in May

Ryan is a senior editor at TechForge Media with over a decade of experience covering the latest technology and interviewing leading industry figures. He can often be sighted at tech conferences with a strong coffee in one hand and a laptop in the other. If it's geeky, he’s probably into it. Find him on Twitter (@Gadget_Ry) or Mastodon (@gadgetry@techhub.social)

According to the latest report from DappRadar, the decentralised apps (dapps) industry is picking up pace.

This May, the industry saw an almost 10 percent increase in daily unique active wallets (dUAW), averaging an impressive 1,967,051 dUAW.

Key sectors, like gaming and decentralised finance (DeFi), continued to exhibit promising signs of growth and stability—further asserting the importance of this thriving industry.

The gaming sector continued its reign as the industry’s dominant player, boasting 711,913 dUAW (36% of overall activity). Despite its dominance marking the lowest since July 2021, the sector still saw a respectable 5.97 percent increase from the previous month.

DeFi, on the other hand, saw even more significant growth, surging by 18.01 percent to reach 607,945 dUAW. This boosted DeFi’s dominance to 31 percent, reflecting the increasing adoption of DeFi services by retail users, especially after the fall of Silicon Valley Bank and the surge in meme projects’ popularity.

Other sectors weren’t left behind

Despite experiencing a slight five percent decrease from the previous month, social dapps still managed to reach 234,389 dUAW, making it the third-largest sector with a 12 percent dominance.

The NFT industry followed suit, experiencing a 16 percent increase in active wallets to reach 155,308 dUAW, while maintaining an eight percent dominance.

Leading blockchains

In terms of blockchains, BNB Chain maintained its lead, showcasing an 8.68 percent increase and reaching 532,056 dUAW. Hooked, a social dapp, overtook PancakeSwap for the second consecutive month, holding an impressive 20.35 percent dominance on BNB.

Wax and Polygon come next, with the former experiencing a minor 1.10 percent decrease and the latter a 6 percent decrease.

On Wax, Alien Worlds led the charge, holding 60.87 percent dominance, while Stargate Finance became the top dapp on Polygon with a 12.45 percent dominance.

Notably, Celo and Solana made significant strides in May.

Celo saw a huge 273 percent increase in dUAW, hitting an average of 39,423, largely driven by Good Dollar’s 62.25 percent dominance.

Solana, on the other hand, witnessed a 99.62 percent increase in dUAW, averaging at 80,981 dUAW. The growth was spurred by DeFi dapps like MeanFi and Saber.

Interestingly, the observed increase in dUAW occurred in blockchains offering DeFi products—potentially hinting at a resurgence of DeFi’s popularity. Only time will tell if this continues but there’s a clear upwards trajectory in the general adoption of decentralised applications.

(Photo by Ashkan Forouzani on Unsplash)

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