Blockchain activity has experienced a remarkable uptick in the third quarter of 2024, propelled by the increasing popularity of AI-powered decentralized applications, commonly known as DApps. A report published on October 8 by DappRadar reveals that daily unique active wallets (UAWs) in the DApp industry soared by an astonishing 70%, reaching a record-breaking 17.2 million.
This explosive growth is primarily fueled by the swift adoption of AI-related DApps, which have seen an impressive 71% increase, with nearly 4.3 million daily UAWs engaged in such applications. In addition, the decentralized finance (DeFi) sector, which traditionally has been a cornerstone of blockchain technology, observed a decline in its total value locked (TVL).
The TVL in DeFi decreased from $168 billion in the second quarter to $160 billion in the third quarter. The Ethereum network, a prominent player in this domain, experienced a significant 20% drop, reducing its TVL to $95 billion. Conversely, layer-1 blockchains like Sui and Aptos have emerged as top performers during this period, both demonstrating remarkable growth of 78% in their total value locked.
Sui reached a substantial $1.6 billion, while Aptos secured a notable $1.3 billion in TVL. Additionally, two key projects at the forefront of AI DApp activity include Data Intelligence Network (DIN) and Alaya AI. DIN, which was launched in April 2024, has quickly made a name for itself, surpassing 1 million daily UAWs in the third quarter.
Meanwhile, Alaya AI, a robust data collection and labeling platform, maintained consistent performance, achieving 100,000 daily wallets over the past 90 days. On the other hand, the non-fungible token (NFT) market has faced a significant downturn in Q3 2024, following a strong quarter performance. NFT trading volumes witnessed a staggering 60% decline, falling to $1.6 billion, while the total number of NFT sales decreased by 23% to 11.5 million.
Despite these challenges, OpenSea has managed to remain a dominant force in the market, with trading volumes reaching $570 million. Competitors such as Blur and Magic Eden have struggled to maintain their positions, primarily due to shifts in incentives and royalty structures. This substantial evolution within the blockchain ecosystem underscores the growing impact of AI applications, while traditional sectors such as DeFi and NFTs confront difficulties in the ever-changing market landscape..