The DApp ecosystem enters a new stage: the rise of AI, the transformation of NFTs, and the resilience of Decentralized Finance

In the second quarter of 2025, the DApp ecosystem showed obvious signs of transformation. Although the number of daily active unique wallets slightly decreased by 2.5% to 24.3 million, it is still 247% higher than at the beginning of 2024, indicating a continued and stable level of user engagement.

AI and the social sector have become new growth engines. The InfoFi concept has emerged, with platforms like Kaito and Cookie DAO standing out. In the AI field, agent-based applications such as Virtuals Protocol are showing strong momentum. In contrast, the activity levels of DeFi and GameFi have decreased by 33% and 17% respectively.

The total locked value in DeFi reached $200 billion, a month-on-month increase of 28%, primarily benefiting from the rebound in cryptocurrency prices. However, the financing amount in this sector fell by 50% quarter-on-quarter to $483 million. Hyperliquid L1 performed particularly well, with TVL skyrocketing by 547%.

The NFT market presents a complex situation. The trading volume has decreased by 45% to $867 million, but the number of sales has surged by 78% to 14.9 million, reflecting a significant drop in the average market price. The number of traders has increased by 20%, indicating that users are gradually returning, but possibly with motivations different from those of the past.

RWA and gaming NFTs have become the new market focus. The trading volume of RWA NFTs increased by 29%, rising to second place. Guild of Guardians NFT has surpassed CryptoPunks and BAYC for the first time, reaching the top of the trading volume charts, marking the rise of gaming NFTs. Meanwhile, although the trading volume of art NFTs has decreased, the transaction volume surged by 400%, indicating that they are becoming more mainstream.

Security issues remain a pain point in the industry. In the second quarter, losses due to security incidents reached $6.3 billion, an increase of 215% compared to the previous quarter. The Mantra insider selling incident resulted in a loss of $5.5 billion, making it the largest single loss since the FTX incident. This highlights the need for the industry to continue improving security measures.

Overall, the DApp ecosystem is undergoing a transformation from speculative hype to practical value. AI, RWA, and gaming assets are becoming the new driving forces for industry development, while addressing security issues will be key to the sustainable and healthy development of the industry.