DApp Ecosystem Transformation: The Rise of AI Applications, RWA and Game Assets Leading a New Wave of NFTs

In the second quarter of 2025, the DApp ecosystem showed a clear transformation trend. Although the average number of daily active independent wallets was 24.3 million, representing a slight month-on-month decrease of 2.5%, it still marked a significant growth of 247% compared to the beginning of 2024. This stable level reflects the maturity of the industry and the ongoing engagement of users with multiple application areas.

DApps in the AI and social sectors are performing impressively, while the activity in DeFi and GameFi has declined. The InfoFi concept has emerged, with platforms like Kaito and Cookie DAO standing out. In the AI field, agent-based applications are growing rapidly, with Virtuals Protocol being particularly noteworthy. This shift in sectors has led to a redistribution of market share, with significant increases in the proportion of AI and social sectors.

The total locked value in DeFi has surpassed $200 billion, with a month-on-month growth of 28%, mainly due to the overall rise in the cryptocurrency market. Ethereum still holds a leading position in DeFi with a 62% market share. However, the financing amount in the DeFi sector has dropped by 50% quarter-on-quarter, with only $483 million raised in the second quarter, indicating a more rational allocation of funds.

The NFT market presents a unique situation of declining trading volume but surging sales. Trading volume has decreased by 45% month-on-month to $867 million, while sales surged by 78% to 14.9 million transactions. This reflects an overall decline in NFT prices, but market enthusiasm remains strong. RWA and gaming assets have become new dominant forces in the market, with the Courtyard platform rising to second place in trading volume, while the Guild of Guardians NFT has surpassed traditional blue-chip projects, taking the top spot in trading volume.

Security issues remain a significant hidden danger to the development of the industry. In the second quarter, losses due to security incidents reached as high as $6.3 billion, an increase of 215% compared to the previous quarter. Among these, the Mantra insider selling incident led to a market value evaporation of $5.5 billion, becoming the single largest loss. This highlights the need for substantial improvements in the industry regarding security infrastructure, auditing, and emergency response.

Overall, the DApp ecosystem is entering a stage of integration and transformation. Emerging narratives such as InfoFi and the AI agent economy are driving industry changes, while the NFT sector is shifting from speculative hype to practical value. Despite facing challenges, users have not left this space; they have simply chosen different ways to participate. The focus for the future will be on how to create applications that are both attractive and safe, providing real value for users.