Cryptocurrencies

Top 10 Ethereum (ETH) dApps reach 1 million users in a month – Cryptocurrencies

Ethereum from October 23 to 30, 2020

Things are jostling on cryptocurrency networks at the end of the year marked by rallies in BTC and ETH. By the way, Ethereum has recorded an explosion in the number of active addresses in the section of decentralized applications or DApps. These have indeed attracted over a period of 30 days since mid-October the impressive number of one million active users according to the analysis platform DappRadar. A statistic to be credited with the renewed interest in DeFi during this period.


930,000 users for DeFi Swap, Uniswap and Compound together

The top 10 DApps powered by Ethereum is made up of platforms dedicated to DeFi, exchanges and a few for NFTs. Without surprise, it is the applications of the first category cited that accumulate the most users. So, DeFi Swap, Uniswap and Compound together have more than 930,000 active users over the period concerned. They come out with 509,600, 276,700 and 143,900 users respectively against less than 30,000 for each of the remaining top 10 Dapps. Note also that the million active users over the period generated over $ 21 billion in trading volume on the network.

The other members of the top 10 are made up of Rare the NFT market, Axis Infinity the game focused on NFT or Forking and HEX. The latter two are also considered a potential danger for the investment of users according to DappRadar. However, it is difficult to say that the statistic relates to one million distinct users. This is because an individual DeFi user can have multiple addresses and interact with multiple DApps multiple times during a month. Dune Analytics thus estimate at 901,000 the cumulative total number of unique wallet addresses for DeFi users.

The number of active addresses depending on volatility

This reality is especially verified at the level of DeFi Dapps because they are subject to market perception and the particular speculation that is raging in this sector. The perfect illustration is nothing more than the decline in activity following the bursting of the DeFi bubble. According to Coin Metrics, the number of daily active addresses quickly fell from 176,000 to less than 20,000 following this event. This was mainly due to the withdrawal of the Sushiswap and Uniswap projects from the Defi space. Varying fortunes, however, for gaming DApps which suffer much less from the effect of price volatility on user attendance.

Pub

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

Although the number of active addresses on Ethereum fell from 2.8 million in January to 5.9 million in October, the growth of DApps contributed only 20% of that statistic. Coupled with the uncertainty about the exact number of unique users, there is something to put into perspective the impact of DApps on the network.

Tags

Related Articles

Back to top button
Close
Close