Blockchain Sees Boost from AI DApps as DeFi and NFT Activity Falls
In Q3 2024, the blockchain landscape witnessed a significant shift as AI-powered decentralized applications (DApps) surged in popularity, driving a major boost in blockchain activity. According to a DappRadar report, the number of daily active wallets (UAWs) hit a record 17.2 million, a 70% increase compared to the previous quarter. This surge was largely fueled by AI-related DApps, which saw a 71% rise, contributing 4.3 million daily UAWs.
While AI DApps thrived, other sectors like decentralized finance (DeFi) and non-fungible tokens (NFTs) experienced notable declines. DeFi saw a 5% drop in total value locked (TVL), falling from $168 billion to $160 billion, with Ethereum witnessing a 20% reduction in its TVL. Meanwhile, NFT trading volumes plummeted by 60%, and the end of incentives from platforms like Blur led to a sharp drop in activity.
The rise of AI DApps, spearheaded by platforms like Data Intelligence Network (DIN) and Alaya AI, demonstrates the growing synergy between AI and blockchain. These platforms have leveraged blockchain for large-scale data processing, AI-powered services, and autonomous decision-making. Additionally, Theoriq’s Testnet launch introduced blockchain-based AI agents, marking a new era of decentralized AI ecosystems. This innovation sets the stage for the "Agentic Age," where specialized AI agents collaborate autonomously within blockchain networks, reshaping how decentralized systems operate.
Despite challenges in DeFi and NFTs, the blockchain space’s rapid adoption of AI applications signals a transformative shift in the technology's future.
#Web3.0 #NFT #Blockchain #Crypto #Cryptocurrency #AI #Metaverse #OpenSea #AR