The first quarter of 2025 kicked off with mixed signals for the dapp industry.
While daily unique active wallets (dUAW) slightly declined by 3%, innovation across key verticals - especially AI, Social, and RWAs - continued to push the space forward.
Key Takeaways:
🔎 The dapp industry recorded 24 million daily unique active wallets (dUAW) in Q1 2025, reflecting a 3% dip from the previous quarter.
🔎 AI dapps surged 29% QoQ, reaching 2.6M dUAW, while Social dapps grew 10% to 2.8M dUAW.
🔎 DeFi’s TVL plunged 27% to $156 billion, hit hard by macro uncertainty and the $1.4 billion Bybit exploit.
🔎 The NFT market shrank to $1.5 billion in trading volume, down 24%, while sales dropped 10%, suggesting declining average sale values rather than user exodus.
🔎 PFPs held 56% dominance in NFT trading volume, but Real World Assets (RWAs)—led by Courtyard—emerged as a breakout trend with growing market share.
🔎 Over $2B was lost in hacks and scams, including high-profile meme coin collapses (LIBRA, MELANIA) and exchange breaches (Bybit, Phemex).
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