Trends, Innovations Shaping Web3 in 2024 and Beyon
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Posted On: 04/24/2024 12:26:12 PM
Trends, Innovations Shaping Web3 in 2024 and Beyond
Earlier this week, Artemis and QuickNode jointly presented a report that analyzed the evolution of blockchain’s ecosystem in the past three months. The report centered on emerging trends within the Web3 industry, huge developments across different blockchains, and user activity.
In the last quarter, the stablecoin space observed significant growth, recording increased user activity of 42%. This increase was driven by different factors, among them a long-awaited Bitcoin halving and the approval of a Bitcoin exchange-traded fund.
Decentralized finance (DeFi) resurgence also recorded a 291% surge in activity by users, bolstered by innovative protocols and renewed optimism.
Web3 gaming also saw a noteworthy rise of active addresses, which hit 155%. This demonstrates the segment’s ability to maintain momentum in growing its player base via financial incentives and game designs that are innovative. This sector outshone stablecoins in volume of transactions, which underlines its popularity and rapid growth.
Additionally, layer 2 offerings such as Base and Arbitrum have considerably expanded due to the demand of increased efficiency and scalability of blockchain transactions. Those platforms have demonstrated significant increases in TVL (total value locked), which reflects surging interest for growing liquidity on-chain.
The report also pinpointed areas with booming daily activity by users across different sectors, noting that stablecoins remains a huge portion of active addresses on a daily basis. This, the report notes, suggests their ongoing usefulness during value transfer in the blockchain landscape.
Decentralized platforms for social use have also recorded a 425% surge in their daily activity, which highlights the ballooning interest in social media options based on blockchain tech that afford users added control over personal data.
With regard to investments, this report observed 36% uptick in Web3 deals compared to the prior quarter. This shows a resurgence of VC interest, especially in segments such as gaming and artificial intelligence. These sectors are forecast to drive notable developments in the blockchain space. The report also underscored the focus on enhancing user experiences and scalability by layer 1 as well as layer 2 platforms.
This comes as Ethereum reduced its transaction fees, which could contribute to wider uptake of decentralized apps. Other networks, such as NEAR and Solana, also remain focused on ecosystem expansion in a bid to attract users and developers with lower costs and enhanced features.
In conclusion, blockchain ecosystems have demonstrated growth across different sectors, with notable advancements in user engagement and technology. The report notes that DeFi resurgence, continued stablecoin expansion and development of Web3 gaming are carving out an enterprising future for blockchain technologies.
With ecommerce companies such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) embracing Web3 technologies in their operations, the extent to which these technologies will grow the range of their use cases in different industries may not be easy to predict at this moment.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL
Please see full terms of use and disclaimers on the Web3MediaWire website applicable to all content provided by W3MW, wherever published or re-published: https://www.Web3MediaWire.com/Disclaimer
Earlier this week, Artemis and QuickNode jointly presented a report that analyzed the evolution of blockchain’s ecosystem in the past three months. The report centered on emerging trends within the Web3 industry, huge developments across different blockchains, and user activity.
In the last quarter, the stablecoin space observed significant growth, recording increased user activity of 42%. This increase was driven by different factors, among them a long-awaited Bitcoin halving and the approval of a Bitcoin exchange-traded fund.
Decentralized finance (DeFi) resurgence also recorded a 291% surge in activity by users, bolstered by innovative protocols and renewed optimism.
Web3 gaming also saw a noteworthy rise of active addresses, which hit 155%. This demonstrates the segment’s ability to maintain momentum in growing its player base via financial incentives and game designs that are innovative. This sector outshone stablecoins in volume of transactions, which underlines its popularity and rapid growth.
Additionally, layer 2 offerings such as Base and Arbitrum have considerably expanded due to the demand of increased efficiency and scalability of blockchain transactions. Those platforms have demonstrated significant increases in TVL (total value locked), which reflects surging interest for growing liquidity on-chain.
The report also pinpointed areas with booming daily activity by users across different sectors, noting that stablecoins remains a huge portion of active addresses on a daily basis. This, the report notes, suggests their ongoing usefulness during value transfer in the blockchain landscape.
Decentralized platforms for social use have also recorded a 425% surge in their daily activity, which highlights the ballooning interest in social media options based on blockchain tech that afford users added control over personal data.
With regard to investments, this report observed 36% uptick in Web3 deals compared to the prior quarter. This shows a resurgence of VC interest, especially in segments such as gaming and artificial intelligence. These sectors are forecast to drive notable developments in the blockchain space. The report also underscored the focus on enhancing user experiences and scalability by layer 1 as well as layer 2 platforms.
This comes as Ethereum reduced its transaction fees, which could contribute to wider uptake of decentralized apps. Other networks, such as NEAR and Solana, also remain focused on ecosystem expansion in a bid to attract users and developers with lower costs and enhanced features.
In conclusion, blockchain ecosystems have demonstrated growth across different sectors, with notable advancements in user engagement and technology. The report notes that DeFi resurgence, continued stablecoin expansion and development of Web3 gaming are carving out an enterprising future for blockchain technologies.
With ecommerce companies such as NextPlat Corp. (NASDAQ: NXPL) (NASDAQ: NXPLW) embracing Web3 technologies in their operations, the extent to which these technologies will grow the range of their use cases in different industries may not be easy to predict at this moment.
NOTE TO INVESTORS: The latest news and updates relating to NextPlat Corp. (NASDAQ: NXPL, NXPLW) are available in the company’s newsroom at https://ibn.fm/NXPL
Please see full terms of use and disclaimers on the Web3MediaWire website applicable to all content provided by W3MW, wherever published or re-published: https://www.Web3MediaWire.com/Disclaimer
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