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Q3 Sees a 70% Surge in Blockchain Engagement, Fueled by AI-Driven DApps

Q3 Sees a 70% Surge in Blockchain Engagement

Q3 sees a 70% surge in engagement in the blockchain space, mostly due to the incorporation of Artificial Intelligence (AI) into decentralized apps (DApps).

Daily unique active wallets (UAWs) hit a record-breaking 17.2 million, up 70% from the previous quarter, according to a DappRadar study dated October 8. The performance of dApps connected to AI, which increased by 71% during that time and accounted for around 4.3 million daily UAWs, is primarily responsible for the surge.

Leading companies driving this movement include Alaya AI and Data Intelligence Network (DIN).

In April 2024, DIN, a modular data pre-processing layer, was introduced. The procedure has achieved one million daily UAWs in the past quarter.

In the last ninety days, Alaya (a platform for labeling and data collection), has witnessed a constant level of engagement from its user base, with 100,000 wallets.

Over the course of the quarter, there was a dip in the activity of decentralized finance (DeFi) apps, as the total value locked (TVL) decreased from $168 billion to $160 billion. The value of the Ethereum network dropped by 20% to $95 billion.

How AI is Powering Up DApps

AI embedded in DApps has transformed the way they work and perform. In the third quarter of 2024, there has been a 70% increase in active wallets interacting with blockchain-based AI-powered dApps. This is mainly attributed to the advanced capabilities of AI algorithms. AI has brought into these platforms as a new way of automating complex processes, user interactions, and optimized transaction validations.

Several financial DApps have already integrated AI-driven predictive analytics tools that enhance investment strategies and risk assessments by a margin of up to 30% over traditional methods. In addition, AI has been able to shave transaction costs by about 25%, since smarter systems cut down on operations and reduce redundancies.

These advances not only strengthened the appeal of blockchain technologies but also provided for high-level economic development within the industry. Another implementation of AI on blockchain is the increased demand for technical skills. The job postings for blockchain developers have increased by 18% since the beginning of the year.

What a 70% Surge in Blockchain Engagement Means For the Blockchain Industry

The Q3 surge in blockchain activity, driven by AI integration, has important economic and technological consequences. The market value of the blockchain sector was 15% higher this quarter, reflecting strong investor confidence. AI has also decreased transaction times on blockchains by up to 40% and generally improved efficiency on many platforms.

But with this growth, of course, also comes the challenges of increased demand for AI expertise. The rapid expansion has also mostly taken place beyond the reach of most existing regulatory frameworks, with many calling for updated legislation to keep pace with technological progress.

Future Prediction

With a 70% surge in blockchain engagement, AI blockchains are expected to continue developing several applications that will enhance efficiencies across sectors like finance, agriculture, and healthcare.

Blockchain and AI are projected to widen banking access, saving up to 30% in transaction costs in the financial sector. Also, there is an expected 40% increase in financial inclusion among the unbanked populace by an estimated in Sub-Saharan Africa. It is also projected to improve supply chains resulting in a 20% increase in agricultural productivity.

The healthcare sector could see an upward trend in handling and securing patient data. In fact, this is one of the most necessary improvements in vast regions that have large deficiencies. However, this growth is pegged on other important developments concerning internet connectivity and energy supply, which are still areas of concern for some parts of Africa.

Photo Credit: Coinpaper

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