Arbitrum emerged as the top performer with a remarkable increase of 125.83%. Notably is the fact that blockchain gaming accounted for 45.60% of all on-chain activity. Hacks and exploits resulted in over $370 million in losses during the quarter.

The DeFi sector has been a major focus in Q1 2023 with the Total Value Locked (TVL) in DeFi reaching $83.3 billion by the end of the quarter.

According to the Q1 2023 DappRadar report, this represents a substantial increase of 37.44% from the previous quarter and reflects a growing interest in decentralized finance.

The growing popularity of scaling solutions such as ArbitrumFantom, and Optimism have played a significant role in the increasing interest in DeFi.

Additionally, the increase in Ethereum’s price by 48% to over $1,800 in Q1 2023 was also a contributing factor in raising TVL.

In terms of blockchain activity:

  • BNB Chain remains the most active in Q1 2023 with an average of 449,543 daily unique active wallets (dUAW) despite a 28.62% decrease from the previous quarter
  • Wax follows closely behind, with an increase of 9% over the past three months reaching an average of 397,273 dUAW
  • Meanwhile, Polygon had a strong quarter and witnessed a 25.93% increase in its daily Unique Active Wallets reaching 197,343 unique wallets per day
  • Arbitrum emerged as the top performer with a remarkable increase of 125.83%, reaching an average of 46,071 daily unique active wallets (dUAW). This growth can be attributed to the Arbitrum airdrop that took place in March 2023