Web3 Weekly Digest: July 8th 2024

Web3 Users Are Growing

A recent report from Dapp Radar highlights dynamic growth and potential volatility in Web3.

Record User Growth: Web3 users reached a record 10 million daily active wallets in Q2, a 40% increase from Q1.

Sector Highlights:

Social Apps: Saw the largest growth with a 66% increase in users, driven by Fantasy.top and UXLINK.
NFT Marketplaces: Reached $4 billion in trading volume and 14.9 million trades. Magic Eden's market share grew to 22%, while Blur's dropped to 31%.
Decentralized Exchanges: Uniswap and Raydium user numbers surged by 80% and 134%, respectively.

DeFi TVL Decline: Despite user growth, total value locked (TVL) in DeFi apps fell by $7 billion (4%). Tron and Arbitrum saw significant drops, while Ethereum layer-2s Linea and Base increased TVL by 420% and 44%.

Sustainability Concerns: Growth may be driven by “airdrop farming” and may not be sustainable. For continued growth, focus on user experience, development roadmaps, and strong teams is essential.

Telegram gaming is booming!

The popular messaging app telegram has been poppin’ off over the last few months, as tap-to-earn games like notcoin and Hamster Kombat dominate the platform. Millions of users are now playing with these “mini-apps”, raking up points in hopes of juicy token airdrops. Pavel Durov, Telegram’s founder and CEO, has called Hamster Kombat, the fastest growing digital service with 239 million users onboarded in less than 3 months, all prior to its token launch.

Is this the mainstream web3 gaming moment we’ve all been waiting for? A new era in gaming?

Cryptocurrency in GTA6?!?

Rumors are heating up that Grand Theft Auto 6 will integrate blockchain in game, with play-to-earn mechanics and NFTs. While Rockstar Games has yet to officially confirm, this news has the Web3 gaming community hyped about the potential for more crypto adoption.

Solana Driving Web3 Adoption in Africa

Solana has been making news for its Web3 initiatves in Africa, such as meetups, hackathons, and community building. While regulatory challenges exist, we’re seeing more decentralized groups pop up globally. In Nigeria, the Solana Allstars team has been making waves, shifting community focus from price movement to real-world utility of Solana projects.

Hot New Music NFTs on Sound.xyz

Stranded - Nessy the Rilla (produced by Bobby G) Nessy The Rilla is an Top-10 Billboard Music NFT artist from Detroit, Michigan that has created music + performed for over 20 years