{"id":30959,"date":"2024-04-07T00:29:17","date_gmt":"2024-04-07T00:29:17","guid":{"rendered":"https:\/\/icoinmarket.com\/dapp-activity-sees-surge-amid-bitcoins-all-time-high-in-q1-2024\/"},"modified":"2024-04-07T00:29:17","modified_gmt":"2024-04-07T00:29:17","slug":"dapp-activity-sees-surge-amid-bitcoins-all-time-high-in-q1-2024","status":"publish","type":"post","link":"http:\/\/icoinmarket.com\/dapp-activity-sees-surge-amid-bitcoins-all-time-high-in-q1-2024\/","title":{"rendered":"DApp Activity Sees Surge Amid Bitcoin\u2019s All-Time High in Q1 2024"},"content":{"rendered":"
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Decentralized applications (dApps) saw a rise of 77% in activity in the first quarter of 2024 and a 7 million total daily active user wallet count.<\/p>\n
This growth comes as Bitcoin hit an all-time high in Q1 2024, reaching above $73,000.<\/p>\n
According to DappRadar, the recent increase in new users shows a strong recovery, indicating the end of the longest bear market experienced.<\/p>\n
The growth has been attributed to the approval of U.S. spot Bitcoin exchange-traded funds (ETFs), which sent BTC to multiple new all-time highs.<\/p>\n
DappRadar also noted the renewed interest in non-fungible tokens (NFTs) throughout 2023, following a drop in usage in 2022. The unique active daily users\u2019 wallet counts surged to 4.8 million in 2023, doubling from 2022. In addition, NFTs had the most growth, 166% over the previous year.<\/p>\n
This strength has remained well into 2024, with DappRadar noting a 50% surge in trading volume to $3.9 billion and a 13% increase in sales to $11.6 million in Q1 2024.<\/p>\n
Blockchain gaming continues to lead in Web3, commanding a 30% dominance and attracting about 2.1 million daily unique active wallets, a 59% increase from last quarter. NFT gaming collections also performed well, with the highest sales in Q1 2024 being Gods Unchained with 1 million, Axie Infinity with 459K, and Arena of Faith with 19.5K.<\/p>\n
However, in the first quarter of 2024, the social vertical became the frontrunner in the sector\u2019s growth with a 324% surge in active wallets. While decentralized finance, gaming, and NFTs performed well, the increase in social media dApps could show an emerging trend in the industry.<\/p>\n
In the first quarter of 2024, the blockchain space experienced a loss of $407 million due to hacks and exploits. While the amount was a 32% decrease from Q4 2023, compared to the first quarter of 2023, it is an increase of 9%, showing that security challenges persist.<\/p>\n
Ethereum led, accounting for 57% of the total losses, followed by BNB Chain at 17% and Arbitrum at 14%. Other chains collectively constituted the remaining 12%.<\/p>\n
Ripple co-founder Chris Larsen\u2019s Ripple chain account was compromised, leading to a loss of 213 million XRP tokens valued at around $112.5 million. Another incident was with the hacked Munchables protocol, which led to a loss of 17.4k ETH, equal to $62.5 million. Additionally, the exchange sector was hit after BitForex was implicated in an exit scam with suspicious outflows amounting to $56.5 million across multiple blockchains.<\/p>\n