DeFi and social dApps lead in monthly unique wallets for August – DappRadar DeFi and social dApps lead in monthly unique wallets for August – DappRadar
Despite the growing activity registered by DeFi applications, total value locked and generated revenue failed to keep up in August.
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Updated: Sep. 6, 2024 at 1:15 am UTC
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DeFi and social dApps saw a notable rise in daily unique active wallets (dUAW) in August, as the overall dApp industry hit a record 17 million average dUAWs, up 9% from the previous month, according to a DappRadar report.
DeFi
Decentralized exchanges Raydium and Uniswap v2 had 18.8 million and 4.8 million monthly unique active wallets, respectively, in August, granting them the second and fourth most active applications in the blockchain sector in the period.
Notably, Raydium posted 107% monthly growth in activity, while Uniswap v2 fell 9%, highlighting the trend of growing user activity on Solana.
Despite having two out of five of the most interacted platforms last month and a nearly 10% increase in monthly unique users, DeFi applications averaged 2 million dUAW and only accounted for 12% of all activity seen last month.
Social
Meanwhile, the social sector accounted for 23% of industry activity with 3.9 million dUAW in August, only bested by gaming applications’ 24% dominance.
The opBNB-based social platform CARV was the most used application last month, with 28 million unique active wallets — a 2,331% monthly increase.
Moreover, the Web3-based shopping application KAI-CHING saw 16.7 million monthly unique active users, making it the second-largest application by usage in August. This number is significant, as the app deployed on Near Protocol managed this feat despite losing 4% of its user base.
HOT Game, also deployed on the Near infrastructure, wrapped up the five most used blockchain applications in August, with 4.1 million monthly unique active wallets.
Falling TVL and revenue
Although DeFi applications saw a monthly increase in activity, the sector’s total value locked (TVL) and application revenue have not grown in tandem.
DeFi dapps saw a 15% slump in August, falling to $124 billion as the wider crypto market experienced declines.
On the revenue side, DeFi applications saw one of their worst year-to-date months, registering $65.4 million as per TokenTerminal data. This is a 13% drawdown from July’s roughly $75 million in revenue, which contrasts with the increasing activity seen last month.
Mentioned in this article
Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
Editor Editor 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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Designed with simplicity in mind, the Uniswap protocol provides an interface for seamless exchange of ERC20 tokens on Ethereum.
