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Blockchain activity surged by 70% in the third quarter of 2024, largely driven by a significant rise in AI-related decentralized applications (DApps), according to a recent report by DappRadar. Daily unique active wallets (UAWs) hit a record 17.2 million, with AI applications alone accounting for 4.3 million UAWs, marking a 71% increase in their usage during the period.
Key AI DApps such as Data Intelligence Network (DIN) and Alaya AI led this growth. DIN, a modular data pre-processing platform launched in April 2024, reached 1 million daily UAWs, while Alaya, a data collection and labeling platform, maintained stable activity at around 100,000 wallets.
However, the decentralized finance (DeFi) sector saw a decline, with the total value locked (TVL) dropping from $168 billion to $160 billion. Ethereum’s TVL also fell by 20% to $95 billion. In contrast, layer-1 blockchains Sui and Aptos emerged as top performers, each achieving a 78% rise in TVL, reaching $1.6 billion and $1.3 billion, respectively.
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The non-fungible token (NFT) industry, meanwhile, experienced a significant downturn, with trading volumes plummeting by 60% to $1.6 billion. NFT sales also dropped 23% to 11.5 million. While OpenSea saw a rebound, leading in sales and trading volume with $570 million, Competitors like Blur and Magic Eden faced sharp declines due to diminishing airdrop incentives and changes in royalty structures. Additionally, the hype around Bitcoin Ordinals, which had fueled activity on Magic Eden, faded significantly.
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