Key Points:
In the second quarter of 2025, Web3's daily active users remain at 24 million, but the industry composition is changing.
DeFi leads with a weekly transaction volume of 240 million, but Ethereum's Gas usage is now primarily dominated by RWA, DePIN, and AI.
Tokens from smart contract platforms and yield-generating DeFi and RWA tokens are outperforming the market, while AI and DePIN, despite strong narratives, are lagging behind.
Altcoins are not just speculative choices outside of Bitcoin; they often represent specific activity areas within Web3—namely, decentralized alternatives to traditional internet services.
To assess the current state and potential of the altcoin market, one must look beyond price dimensions. Core metrics such as Gas consumption, transaction counts, and unique active wallets (UAW) reflect activity and user adoption, while price performance reveals whether the market follows on-chain trends.
UAW statistics, which count independent addresses interacting with DApps, can reflect user coverage, but multiple wallets per person and automated activities can affect the data.
According to DappRadar's report for the second quarter of 2025, Web3's daily wallet activity remains stable at around 24 million. However, the dominance of certain sectors is shifting. Crypto gaming remains the largest category, with a market share exceeding 20%, but has declined from the first quarter. The DeFi market share has also dropped from 26% to below 19%.
In contrast, social and AI-related DApps are rapidly rising. Farcaster leads in the social sector with an average of about 40,000 UAW daily, while in the AI field, proxy protocols like Virtuals Protocol (VIRTUAL) are performing well, attracting an average of 1,900 UAW weekly.
Transaction volume reflects the frequency of smart contract triggers but is significantly influenced by bots and automation.
DeFi transaction activity presents a contradictory phenomenon: the user base is declining, yet it still generates over 240 million transactions weekly—far exceeding other Web3 sectors. Exchange activities related to DeFi have strengthened its dominance, with crypto gaming generating 100 million transactions weekly, and the "other" sector (excluding social, including AI) at 57 million.
Total Value Locked (TVL) is more indicative. DefiLlama data shows that DeFi TVL has increased by 150% since January 2024, currently reaching $137 billion, but still below the peak of $177 billion at the end of 2021.
The divergence between rising TVL and declining UAW reflects the core theme of this crypto cycle: institutionalization. More funds are flowing into fewer but larger wallets, including institutional investors like funds. This trend is still in its infancy, as regulatory uncertainties remain in many regions regarding DeFi.
Institutions have begun to experiment with providing liquidity to permissioned pools and borrowing against tokenized treasuries through platforms like Ondo Finance (ONDO) and Maple (SYROP), with Maple also known for its collaboration with investment bank Cantor Fitzgerald.
At the same time, DeFi services like Lido (LIDO) and EigenLayer (EIGEN) offer protocol-level automation, further reducing wallet activity. DeFi is gradually transforming into a capital market aimed at large funds seeking efficient returns, with retail investor participation correspondingly declining.
Transaction data alone cannot fully reflect the entirety of Web3. Ethereum Gas usage can reveal the true landscape of economic value and computational power distribution.
Glassnode data shows that while DeFi remains a core area for Ethereum, its Gas consumption currently accounts for only 11%. NFTs, which held a significant Gas share in 2022, have now dropped to 4%.
The "other" category's share has surged from about 25% in 2022 to over 58% currently. This category encompasses emerging fields such as Real World Asset tokenization (RWA), decentralized physical infrastructure (DePIN), and AI-based DApps, as well as various new services that may define the next development phase of Web3.
RWA is particularly seen as one of the most promising sectors in the crypto space. Excluding stablecoins, the total value of RWA has increased from $15.8 billion at the beginning of 2024 to $25.4 billion currently, with an estimated 346,250 token holders.
Asset prices rarely synchronize completely with on-chain activity. While speculation can drive short-term increases, sustained returns often correspond to sectors that can deliver actual utility and user adoption. Over the past year, infrastructure and yield-oriented projects have outperformed narrative-driven sectors.
Tokens from smart contract platforms have seen the strongest price increases, with the top ten averaging an unweighted growth of 142%, including HBAR up 360% and XLM up 334%. As the foundational layer of Web3, this price performance reflects investor confidence in the long-term development of the sector. DeFi tokens have also performed well, with an average annual increase of 77%, including Curve DAO (CRV) up 308% and Pendle (PENDLE) up 110%.
The top ten RWA tokens averaged a 65% increase, with XDC up 237% and OUSG up 137% driving sector performance. The best performers in DePIN were JasmyCoin (JASMY) up 72% and Aethir (ATH) up 39%, but the overall sector averaged only about a 10% increase.
AI tokens have performed the worst: the top ten AI-focused projects saw a year-on-year decline of 25%, with only Bittensor (TAO) up 34%. Most gaming tokens recorded declines, with only SuperVerse (SUPER) increasing by 750% over the past 12 months. Social tokens remain scarce in the crypto space, with mainstream protocols lacking native assets.
Overall, Web3 investment is still concentrated in mature sectors, driving the native currencies of leading smart contract platforms upward. Yield-focused DeFi and RWA tokens also provide robust returns. In contrast, the most attention-grabbing narrative sectors—AI, DePIN, and Social—have yet to convert interest into significant token gains.
As adoption deepens and more sectors mature, the gap between narrative and actual performance is expected to narrow—but at this stage, investor confidence remains rooted in the foundations of the decentralized economy.
Related: Cryptocurrency lending platform Figure Technology applies for a U.S. listing
Original: “Web3 Reality Check: Which Altcoin Sectors Are Really Delivering Value?”
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