Author: Sara Gherghelas , DappRadar

Compiled by: Tim, PANews

AI agents top the market, RWA redefines the value of NFT, DeFi attracts money but loses momentum, and the $6.3 billion hacker attack in the second quarter exposes the industry's vulnerability.

Despite the rebound in crypto market prices and improved sentiment, the DApp ecosystem presents a different picture: AI agents have experienced explosive growth, NFT value has shifted from ostentation to functionality, and DeFi is moving forward in the gap between rising TVL and shrinking financing. These data not only show the market activity, but also reveal the real flow of users, the areas that are lagging behind, and the key trends that are reshaping the future of DApp.

We are now in an era where hype alone no longer drives the market. Users are beginning to seek real value: whether it is an AI agent that can complete tasks, an NFT associated with RWA, or a DeFi platform that provides sustainable returns. But at the same time, the risks remain high: the losses caused by vulnerability exploits have risen sharply, which shows that trust is so fragile and the slightest negligence can be exploited by malicious people.

This report deeply analyzes the changes in the industry landscape and comprehensively analyzes the data dynamics in DeFi, NFT, games, AI and other fields. From wallet activity and transaction volume to applications and capital flows, we track key signals and focus on the core narrative that shapes the crypto industry in the second quarter of 2025.

Key Takeaways:

In the second quarter of 2025, the average number of daily active independent wallets for DApps was 24.3 million, a decrease of 2.5% from the previous quarter, but still a surge of 247% from the beginning of 2024.
The total locked value of DeFi reached $200 billion, a quarter-on-quarter increase of 28%, mainly benefiting from the 36% rebound of Ethereum. However, the amount of financing in the DeFi field fell by 50% quarter-on-quarter, with only $483 million raised in the second quarter, bringing the total financing in the first two quarters of 2025 to $1.4 billion.
NFT trading volume plummeted 45% to $867 million, but sales volume surged 78% to 14.9 million, reflecting a sharp drop in the average market price, while the number of traders increased by 20%.
RWA NFT transaction volume increased by 29%, rising to second place in the track, among which the Courtyard platform became the second largest NFT market in terms of transaction volume this quarter.
Guild of Guardians NFT trading volume soared to first and fourth place, surpassing BAYC and CryptoPunks, marking a turning point for gaming NFTs.
Web3 lost $6.3 billion due to security incidents, a 215% increase from the previous month. The Mantra vulnerability exploitation case alone caused a loss of $5.5 billion, becoming the second largest crypto industry security incident since the FTX bankruptcy in 2022 (loss of $8 billion).

1. The number of Dapp daily active independent wallets is stable at 24 million, with significant growth in AI and social fields

Dapp activity fell by 2.5% this quarter, with an average of 24.3 million daily active unique wallets. Despite this, we can still consider the ecosystem to have stabilized at this level, which is both a sign of the industry's increasing maturity and proof that users are continuing to interact with Dapps in multiple application areas. It is worth noting that many users operate multiple wallets, so there is a difference between the number of daily active unique wallets and the actual number of users. However, this indicator is still a strong basis for measuring user engagement. Just a few quarters ago, the number of daily active unique wallets remained at around 5 million, and its development speed is very obvious.

派盾：DeFi协议Convergence遭遇攻击，损失约21万美元

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