WAX Dapp Ecosystem Q3 2024 Report

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

In Q3 2024, WAX reinforced its position in blockchain gaming and NFTs, while expanding its DeFi ecosystem. Despite market challenges, WAX maintained stable activity, proving its resilience in the dapp industry. This report outlines key developments across gaming, NFTs, DeFi, and WAX’s future roadmap.

Key Takeaways 

  • WAX recorded an average of 207,468 daily unique active wallets interacting with dapps in Q3 2024, reflecting a slight 0.4% decrease from the previous quarter.
  • Gaming remained the largest driver of activity on WAX, accounting for 65% of all wallet activity, solidifying WAX as the 8th most active blockchain in the gaming sector.
  • WAX’s Total Value Locked (TVL) surged by 203%, reaching $2.5 million in Q3 2024. Taco Studios led the way, contributing 35% to the total TVL.
  • Alien Worlds retained its position as the top game on WAX, with 7.8 million unique active wallets recorded for the quarter.
  • The NFT market on WAX saw $820,797 in trading volume across 366,769 sales. Leading NFT collections included Alien Worlds, Wombat Dungeon Items, and FUNKO collectibles.

Table of Contents

  1. WAX On-Chain Activity 
  2. DeFi Ecosystem 
  3. Blockchain Gaming Activity
  4. NFT Market Activity
  5. WAX’s Q3 Roadmap
  6. Closing words

1. WAX On-Chain Activity

In Q3 2024, the WAX blockchain maintained steady on-chain activity, with daily unique active wallets (UAW) averaging 207,468. This represents only a slight 0.4% decrease from the previous quarter, indicating that WAX has successfully retained its user base—a positive signal for the platform’s long-term health.

WAX continues to strengthen its position as a leading gaming-focused blockchain, with 65% of its wallet activity dedicated to gaming dapps. The NFT sector contributes to 16% of WAX’s activity, while DeFi dapps account for 4%. The remaining 14% encompasses dapps across categories such as social, gambling, and high-risk applications, demonstrating the blockchain’s diverse ecosystem.

Despite the stable wallet activity, WAX experienced a 18% growth in transaction volume compared to the previous quarter. This growth led to a total of 541 million transactions in Q3 2024, highlighting increased engagement across the platform’s dapp ecosystem.

2. DeFi Ecosystem

While WAX is best known for its robust NFT and gaming ecosystem, its DeFi sector is showing notable growth. By the end of Q3 2024, the Total Value Locked (TVL) in WAX’s DeFi ecosystem reached $2.5 million, marking a significant 203% increase from the previous quarter.

Let’s take a closer look at the top-performing DeFi dapps on the WAX blockchain, ranked by wallet activity:

AtomicHub continues to dominate WAX’s DeFi landscape, holding a 29% share of the blockchain’s TVL. Alcor.Exchange, which led the TVL rankings in the previous quarter, now holds 11% dominance, following a decrease in its overall share.

These leading dapps underscore the growing importance of DeFi within WAX’s ecosystem. Although the platform’s primary focus remains on gaming and NFTs, its expanding DeFi offerings are contributing to the overall diversification and growth of the blockchain.

3. Blockchain Gaming Activity

The WAX blockchain has established itself as a thriving hub for blockchain gaming, attracting a diverse community of players and developers. In Q3 2024, WAX’s gaming ecosystem demonstrated remarkable growth, with wallet activity showcasing a robust environment for a variety of gaming genres, from base building and simulation to sci-fi adventures and MMORPGs.

Leading the way is Alien Worlds, consistently ranking as the top game on WAX. One of its most significant developments this quarter was its continued emphasis on decentralization and player-driven governance through planetary DAOs, allowing players to have a direct impact on the game’s ecosystem.

Coming in second is Taco Studios, which maintained strong momentum with its Taco Universe, an ecosystem of interconnected games using shared assets and tokens like TACO (the main utility token) and SHING (in-game currency). Taco Studios also expanded its offerings with new games such as Monster Rooms and other mobile-based games. Additionally, their decentralized exchange, Taco Swap, continued to enhance the DeFi ecosystem with low-fee trading and liquidity provision.

In third place, Thrive on Mars expanded its blockchain-based Mars simulation game, focusing on resource management and exploration dynamics, which attracted more players to its unique sci-fi adventure.

At number four, Wombat Dungeon Master introduced new clan gameplay in Q3 2024, allowing players to form groups and collaborate for higher chances of winning in-game rewards, boosting engagement and community-driven competition.

Finally, in fifth, Prospectors made significant updates to its resource management features, allowing players to expand their operations across two main worlds—Wild West on EOS and Yukon on WAX. New strategies were introduced to help players maximize their profits and refine gameplay.

Additionally, WAX unveiled an exciting new project, WuffiTap, during Q3 2024. This arcade-style game lets players collect paws and claim each season. With their third mini game on the way WUFFI continues to enhance and add new features frequently.. Players can trade WUFFI tokens and use them to enhance their gaming experience. With Season 1 nearly finished, WuffiTap is set to be a key player in WAX’s gaming ecosystem.

4. NFT Activity

In Q3 2024, the NFT market on WAX experienced a slowdown, mirroring the overall cooling of the global NFT industry, as detailed in our Q3 Dapp Industry Report. WAX’s NFT trading volume reached $820,797 across 366,769 sales, reflecting a more cautious market environment.

Despite the overall decline, there were notable trends within the top 10 NFT collections by trading volume:

Alien Worlds continues to assert its dominance in the WAX ecosystem, highlighting its strong presence in blockchain gaming. With five gaming-related collections among the top 10, it’s clear that WAX’s appeal to gamers and gaming communities remains strong.

Funko Collectibles, a well-known name in both digital and physical collectible spaces, continued to perform well on WAX. Funko’s successful transition into Web3 has been met with significant enthusiasm, demonstrating the growing influence of traditional collectible brands in the NFT market. This success underscores the important link between Web2 brands and the sustained interest among collectors in the Web3 space.

As for the platforms facilitating NFT trading on WAX, DappRadar tracks three major marketplaces, where most of the transactions occur. These marketplaces play a crucial role in supporting the WAX NFT ecosystem, driving both accessibility and liquidity for NFT collectors.

For a deeper dive into the WAX NFT ecosystem, including marketplace performance and collection rankings, be sure to visit our dedicated NFT Ecosystem page for the latest updates and insights.

5. Q3 2024 Roadmap

Blockchain Enhancements

  • Tokenomics Optimization: Adjustments aimed at improving ecosystem health.
  • WAX EVM Side Chain Launcher: Launch of EVM side chains, enabling seamless compatibility with Ethereum smart contracts and enhancing cross-chain interoperability.
  • Developer Guides: Continued release of how-to guides based on community needs.

Cloud Wallet Updates

  • Social Cloud Wallet: New social features to foster community-building and project discovery.
  • WAX EVM Side Chain Support: Ongoing support for the multi-chain network, including EVM side chains.
  • Developer Guides: Continued focus on Cloud Wallet integration.

Marketplace Enhancements

  • Social vIRL Marketplace Features: New social features to enhance project discovery and community interaction.
  • Universal Listing Service: Ongoing improvements to community-managed services.
  • vIRL Marketplace Refinements: Continued focus on enhancing the marketplace experience.

6. Closing words

WAX’s performance in Q3 2024 highlights its resilience and continued leadership in blockchain gaming and NFTs, while making significant strides in DeFi and enhancing its ecosystem with EVM side chains. Despite market fluctuations, WAX maintained stable user activity and transaction growth, reinforcing its position as a key player in the dapp industry. As the blockchain expands its capabilities, WAX is well-positioned for further innovation and growth in the coming quarters.

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