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CoinDesk Consensus

Dapp Radar‘s latest report on the state of DeFi showed that despite the difficulties it faced at the end of 2022, the industry saw a successful quarter.

The ongoing bear market has only impacted the number of active users interacting with DeFi apps. According to the report, the number of daily unique active wallets (dUAW) decreased by almost 10% compared to the previous quarter.

However, this is in line with the overall decline in dUAW across all crypto sectors since last quarter.

daily active wallet defi
A chart showing the number of active wallets in the crypto industry by sector from September 2022 to March 2023 (Source: DappRadar)

Most of these users are active on Binance, generating 449,000 dUAW this quarter. However, this is still down 28% from the 629,000 dUAW that registered last quarter, suggesting that DeFi’s dominance may be waning.

Wax came in second with just under 400,000 dUAW, up 9% in the last three months. Polygon saw a 25% increase in dUAW and over 197,000 unique wallets per day.

While most other blockchain platforms have seen some growth in terms of active users, none have matched Arbitrum, which saw a 125% increase in the number of dUAWs compared to the previous quarter.

Top blockchain by duaw
Chart showing top blockchains by number of dUAWs in Q1 2023 (Source: DappRadar)

Growing interest in Arbitrum has also increased Total Value Locked (TVL) in DeFi. The DeFi sector closed the quarter with $83.3 billion on his TVL, a 37% increase from the previous quarter.

Abirtrum’s long-awaited airdrop has attracted a significant number of users to the platform, pushing the entire sector forward. His TVL for Arbitrum rose 118% from his to finish the quarter at $3.2 billion, according to DappRadar data.

GMX, a decentralized exchange that offers perpetual futures trading, accounted for over 80% of all Arbirum TVL.

Defi TVL
Chart showing Total Locked Value (TVL) in DeFi from Q1 2021 to Q3 2023 (Source: DappRadar)

Arbitrum has distributed over 1 billion ARB tokens to nearly 600,000 users and pushed the number of transactions on the blockchain to a record 2.7 million, surpassing both Ethereum and Optimism.

tx definition per day
Graph showing transactions per day for Ethereum, Arbitrum and Optimism from November 2021 to March 2023 (Source: DappRadar)

By Jules

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