The WAX blockchain maintained its position in the decentralized application (dapp) ecosystem through Q3 2024, driven by its focus on blockchain gaming and NFTs. As global markets fluctuated, WAX's ecosystem demonstrated resilience, with steady activity across gaming, NFTs, and DeFi. This article summarizes data from DappRadar, looking at major developments and offering a glimpse into WAX’s roadmap for continued growth.

WAX Ecosystem Report by DappRadar Q3 2024

Key Highlights for Q3

WAX recorded an average of 207,468 daily unique active wallets (UAW) in Q3 2024, a minimal 0.4% decline from the previous quarter. Gaming led with 65% of total wallet activity, cementing WAX as the eighth most active blockchain for gaming. WAX’s DeFi Total Value Locked (TVL) surged 203% to $2.5 million, led by Taco Studios, which contributed 35% to the total. Additionally, WAX’s NFT trading volume reached $820,797 across 366,769 sales, with prominent collections like Alien Worlds, Wombat Dungeon Items, and FUNKO collectibles.

Dominance of Web3 Catagories on WAX Chain

On-Chain Activity

Throughout Q3 2024, WAX sustained its daily UAW with only a slight 0.4% dip, averaging 207,468 UAW. This consistent user base signals WAX’s resilience in retaining engagement even amidst broader market fluctuations. Gaming remained the dominant sector, making up 65% of all wallet activity, while NFTs accounted for 16% and DeFi dapps contributed 4%.

The remaining 14% covered social, gambling, and other applications, underscoring WAX’s diversified dapp offerings. Transaction volume grew by 18% from the previous quarter, resulting in 541 million transactions—a clear sign of heightened engagement across WAX’s dapp ecosystem.

WAX's Unique Active Wallets

Growth in the DeFi Sector

While WAX’s primary reputation centers on gaming and NFTs, Q3 2024 saw significant growth in its DeFi sector. By the quarter’s end, WAX’s DeFi TVL hit $2.5 million, marking a notable 203% increase. Taco Studios led this growth, with its platforms contributing 35% of the total DeFi TVL, followed by AtomicHub (29%) and Alcor.Exchange (11%).

These DeFi dapps highlight the diversification of WAX’s ecosystem. While gaming remains a primary focus, the expanding DeFi offerings are becoming an integral part of WAX’s strategy to enhance user engagement and drive adoption.

Top Defi Dapps

Blockchain Gaming Dominance

WAX continued its role as a leading platform for blockchain gaming in Q3 2024, attracting a strong player and developer community with its versatile gaming ecosystem.

• Alien Worlds: Retained its top position with 7.8 million unique active wallets, promoting decentralized player-driven governance through planetary DAOs.
• Taco Studios: Sustained high engagement with Taco Universe, featuring interconnected games and an in-game currency ecosystem. Taco Studios also bolstered the DeFi ecosystem with Taco Swap.
• Thrive on Mars: Expanded its Mars-themed simulation game with enhanced resource management and exploration features, which resonated well with sci-fi fans.
• Wombat Dungeon Master: Introduced collaborative gameplay through clans, boosting community engagement.
• Prospectors: Enhanced resource management features and launched new strategies for players to optimize gameplay.

New projects like WuffiTap, an arcade-style game where players collect tokens and participate in seasonal challenges, have been announced as well, signaling continuous innovation within the gaming sector.

Top Games by WAllet Activity

NFT Market Trends

Reflecting broader market trends, WAX’s NFT market faced a slowdown in Q3 2024, with trading volume reaching $820,797 across 366,769 sales. Key collections included Alien Worlds, Wombat Dungeon Items, and FUNKO collectibles. Although overall volumes decreased, these collections underscored WAX’s strong appeal among gaming communities.

Prominent NFT collections continued to resonate with audiences, particularly Funko Collectibles, which bridged the gap between traditional collectible brands and the digital asset market. DappRadar tracked the activity across three main NFT marketplaces, which continue to play a vital role in ensuring the accessibility and liquidity of WAX NFTs.

Top  WAX's NFT Collections

Major Q3 2024 Roadmap Developments

WAX's roadmap for Q3 2024 included several key initiatives aimed at enhancing the blockchain’s versatility and user experience:

• Tokenomics Optimization: Adjustments are being made to sustain ecosystem health.
• EVM Side Chain Launcher: Introduction of EVM-compatible side chains to support Ethereum-based smart contracts and promote cross-chain functionality.
• Developer Guides: Expanded how-to resources for better integration with WAX’s tools.

Enhancements to the WAX Cloud Wallet and the vIRL Marketplace focused on community engagement and user experience, with new social features and a universal listing service supporting greater interaction within the ecosystem.

WAX's Transactions Count

Final Thoughts

In Q3 2024, WAX demonstrated stability and growth in its primary areas of blockchain gaming, NFTs, and DeFi, reinforcing its place as a leader in the decentralized app space. Despite market uncertainties, the blockchain achieved solid user activity levels and transaction volume growth. With the ongoing expansion of its DeFi capabilities and strategic roadmap developments, WAX is positioned for further innovation and increased adoption in the dapp industry.

Source: DappRadar