Linea Dapp Ecosystem Q1 2024 Report

Linea Ecosystem Report 2024
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Disclaimer: The insights presented in this report are based solely on data from the dapps tracked by DappRadar on Linea, and do not encompass all the transactions conducted on the blockchain as a whole.

The dapp ecosystem is rapidly evolving, with new platforms emerging and reshaping the landscape. Among these, Linea, launched in July 2023, has quickly become a significant player. This report delves into Linea’s performance in Q1 2024, examining its growth in user engagement and network development.

Key Takeaways 

  • Linea had an average of 134,607 daily Unique Active Wallets interacting with dapps in Q1 2024, an 155% increase from the previous quarter.
  • The network processed 64 million transactions in Q1 2024, generating a total volume of $1.4 billion.
  • Linea’s TVL saw a significant rise, increasing by 218% to reach $186 million by the end of Q1 2024. 
  • Arena Games Platform and Ultiverse emerged as the leading gaming dapps on Linea this quarter, attracting the highest number of Unique Active Wallets.

Table of Contents 

  1. Linea On-Chain Activity Overview
  2. Linea DeFi Ecosystem 
  3. Linea Gaming Ecosystem
  4. Conclusion

1. Linea On-Chain Activity Overview

This quarter, the on-chain activity of Linea has kept growing robustly. We’ve reached an average of 134,607 daily Unique Active Wallets, marking a significant increase of 155% from the previous quarter. 

Linea Active wallets - October 2023 and April 2024

Additionally, the volume from the smart contracts we’re tracking, which originate from all the integrated Linea dapps, has also witnessed an uptick. This quarter, we recorded a total of $1.4 billion in volume, translating into a 3% increase. 

Linea's Dapp Volume in 2024

Lastly, we decided to analyze the transaction count, which is also crucial for understanding how active this ecosystem is. This quarter, we’ve registered a total of 64 million transactions, showing an increase of 64%.

Linea's transactions

These metrics demonstrate the ecosystem’s rising popularity. With Linea yet to launch their own token and rampant rumors about a possible airdrop, the excitement is palpable. Who knows what the future holds? In the meantime, check our Linea rankings to discover the top-performing dapps in this thriving ecosystem.

2. Linea DeFi Ecosystem

As mentioned in our introduction, Linea was launched in July 2023. Despite being a relatively new chain, its Total Value Locked (TVL) has soared, reaching $186 million—an impressive increase of 218% since the previous quarter. 

Linea's DeFi Total Value Locked (TVL)

Our DeFi rankings provide a detailed look at the entire ecosystem, but let’s highlight a few dapps that have stood out this quarter.

Stargate: A notable name in the DeFi space, Stargate experienced a 224% increase in Unique Active Wallets (UAW) on Linea over the past 30 days, highlighting its rising popularity and adoption.

Lynex: As Linea’s native on-chain liquidity marketplace, Lynex leverages cutting-edge DEX infrastructure to provide a highly capital-efficient DeFi solution. Its UAW surged by 287% in the last month.

NILE Exchange: Serving as Linea’s primary liquidity hub, Nile is a next-gen AMM that saw an incredible 703% growth in UAW over the past 30 days.

ZeroLend: A decentralized lending protocol delivering optimized lending solutions. It has the largest TVL, and in the past 30 days its TVL increased by 140%. 

Renzo: An intuitive and user-friendly DeFi platform that achieved a 111% increase in UAW in the last 30 days. It is the second largest TVL on Linea, and it had an increase of 140% in its TVL as well, in the past 30 days. 

Mendi: Focused on stability and high yields, Mendi provides innovative financial tools to empower users as the leading native Linea money market.

3. Linea Gaming Ecosystem

While the Linea blockchain primarily focuses on DeFi applications, it is actively expanding into the gaming sector. The gaming ecosystem is still in its nascent stages, but significant strides are being made to foster growth in this area.

A landmark development occurred in February 2024 with the launch of Linea Park, a cornerstone of Web3 gaming and social dapps. Linea Park is not merely a platform; it’s a vibrant, dynamic community hub designed to make Web3 accessible and enjoyable. Here, users can explore, engage, and enjoy innovative projects, earning Linea LXP as they interact within this digital universe.

linea park gaming

For further details on this exciting development, please refer to the blog announcement.

Our gaming rankings also highlight other notable dapps operating on the Linea chain:

  • Arena Games Platform: A hub for competitive and casual gaming, Arena Games offers a variety of titles across genres, appealing to a broad audience of gamers looking for blockchain-based entertainment.
  • Ultiverse: Integrates gaming with DeFi elements, creating a multifaceted virtual world where players can game, socialize, and earn simultaneously.
  • Yooldo: Focuses on user-generated content, allowing players to create, share, and monetize their game experiences directly on the Linea platform.

Although the gaming ecosystem on Linea might seem modest at present, we are optimistic about its growth potential. With ongoing developments and the enthusiastic community backing, the future looks promising for gaming on Linea.

4. Conclusion

In Q1 2024, Linea has shown steady progress in developing its ecosystem, particularly within its DeFi and emerging gaming sectors. The increase in Unique Active Wallets and Total Value Locked indicates a growing user base and sustained interest, though the true potential of these ventures remains fully to be seen.

As Linea continues to evolve, the expected developments and potential token launch could significantly impact its trajectory. While these factors offer potential, the long-term success of Linea will depend on its ability to maintain user engagement and expand its offerings effectively. We will continue to monitor these developments closely, providing updates and analyses in our future reports.

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