Web3 2023 Wrapped

Hey Vulcans 🖖

Welcome back to your trusted source of Web3 growth insights, tips and tricks, strategies, and updates. As we navigate through the dynamic web3 cosmos, The Vulcan Voice stands with you as your loyal companion, guiding you through each step!

This is a special edition of The Vulcan Voice and we are taking things a little differently than usual. ✨

In this issue, we will look at how the Web3 industries such as DeFi, DEXs, Gaming, NFTs, Funding, etc. have progressed over 2023 and how promising each looks for 2024.

Let’s dive in!

Decentralized Finance (DeFi)

At the start of the year (Jan 1, 2023), Total TVL in DeFi stood at a mere $38.024b USD. As of this moment, it is now locked at $54.318b USD. That’s a 42.85% increase! So the odds look pretty great for DeFi in the year to come. 💪

Looking at the graph by DefiLlama, there were no major dips in TVL this year, going no lower than $36b USD in mid-October. And the pattern indicates that it is still on the rise!

Check stats on DefiLlama →

Decentralized Exchanges (DEXs)

Another steady growth! Total Volume on DEXs on Jan 1, 2023 was $694.64m USD which stands at $5.526b USD on Dec 26, 2023. The growth is exceptional in this case. The Volume also peaked at $24.8b USD on March 11, 2023. It is safe to say that it has been a good year for DEXs so far. 🎯

Let’s keep going!

Check stats on DefiLlama →

Web3 Gaming

Web3 Gaming has been a growing industry for the past few years. Continuing the trend, this year has shown a significant adoption in web3 gaming. From 747.56k Unique Active Wallets (UAW) to 1.37m Unique Active Wallets, the gaming industry is just starting to flourish.

We also saw the web3 gaming sector securing a considerable chunk of funding in 2023. Top of the list includes Animoca Brands, which raised $20m in September and then an additional $11m in December for its Mocaverse project. Moreover, Bazooka Tango and Authetick secured $5m and $4m respectively. 💸

Check stats on DappRadar→

NFTs

The state of NFTs in 2023 has been thought-provoking. After their massive rise and quick adoption in 2021, things seem to have died down for NFTs. However, true enthusiasts and technologists understand that this is not such a bad thing after all. The NFTs that stood through this test of time proved to be the ones that had real utility. 🏆

Even now, NFTs with actual use-cases are gaining popularity such as Real-World Assets (RWAs) where companies like Centrifuge and Polytrade are working tirelessly! So don’t be disheartened by the fall of NFTs in the last couple of years. Instead, try to understand the concept behind these non-fungible tokens and how you can leverage them for your growth!

Check stats on DappRadar →

Hacks & Exploits

There was a considerable chunk of money lost to hackers and exploits this year. But still nowhere near to 2022. So that could be a positive aspect.

In 2022, the total amount lost to hacks was about $4b USD whereas this year’s summed up to $1.7b USD according to TRM Labs’ figures. 📉

Some of the biggest hacks this year include:

1. Mixin: $200 million

2. Euler Finance: $197 million

3. Poloniex: $126 million

See the full report on Decrypt →

Funding

Here is a snapshot from Coinpedia indicating the investments raised and the number of Fundraising rounds this year. January through July witnessed a sufficient amount of funds raised which later dipped down in August but picked back up in November. 📈

See the full report on Coinpedia →

This is it from our special edition of The Vulcan Voice.

As this year comes to a close, we hope that you learned something worthwhile in your journey with us and are excited to start the new year with new goals and a can-do attitude!

Have a great New Year!

Until next time,

Sami 🖖