Q3 2025 was far from quiet for Web3.
Bitcoin hit a new ATH. DeFi reached record-breaking TVL. NFTs evolved beyond collectibles. Yet, dapp activity fluctuated as the market found its footing.
Let's break down the key trends shaping the industry 👇🧵
Daily active wallets dropped 22.4% in Q3, averaging 18.7M
AI and Social dapps saw the biggest declines, while gaming held strong and NFTs climbed to 2nd place with 18.5% dominance.
Top dapps of Q3 show gaming's staying power 🎮
KAI-CHING leads with 177M UAW, followed by World of Dypians, HOT Protocol, Raydium, and KGeN.
Engagement-driven mechanics keep gaming high on the charts.
DeFi hit a new record with $237B TVL in Q3 2025 📈
Fueled by stablecoin innovation, tokenization, and rising institutional interest, the sector shows strength despite ETH and SOL seeing TVL drops.
Ethereum still leads DeFi with $119B TVL, but new challengers are rising.
Base (+48%), Arbitrum (+37%), and Bitcoin (+30%) posted strong gains; while BNB Chain and Hyperliquid also saw solid growth in this quarter.
NFTs are trading more than ever, 18.1M sales in Q3 2025, the highest since 2022.
Volume reached $1.6B, but growth comes from active traders, not new users, showing conviction from existing participants.
OpenSea led Q3 NFT markets volume with $573M (+88%), boosted by its token campaign.
Blur and CryptoPunks followed, both surging over 150%.
Meanwhile, Pudgy Penguins and other PFPs reignited collector interest.
Despite fewer major incidents, Q3 still saw $434M stolen across multiple exploits.
Social engineering remains the biggest threat, showing that even as losses drop, sophistication rises.
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