Opinion: Decentralized application activity increased by 77% in the first quarter of 2024, Bitcoin hits a new high

According to CryptoPotato, in the first quarter of 2024, activity on decentralized applications (dApps) grew by 77%, with the total number of daily active user wallets reaching 7 million. This growth coincided with Bitcoin hitting a historic high in the first quarter of 2024, exceeding $73,000. DappRadar stated that the increase in new users shows a strong recovery momentum, marking an end to the longest bear market. The growth is attributed to the approval of Exchange Traded Funds (ETFs) on US spot Bitcoin exchanges, which has driven Bitcoin to set multiple new historical highs. In addition, during Q1 2024, blockchain space lost $407 million due to hacker attacks and vulnerability exploits. Although this figure decreased by 32% compared to Q4 2023, it increased by 9% compared to Q1 2023 indicating that security challenges still exist. Ethereum accounted for 57% of total losses; BNB Chain accounted for17%; Arbitrum accounted for14%; other chains made up remaining12%.