DApp transaction volume reaches $12B in Q2 of 2020 via DeFi adoption
- DApp transaction volume has reached $12 billion in Q2 of 2020 - a $4.5 billion increase from the first quarter.
- Ethereum-based Dapps alone accounted for 82% of the $12 billion figure.
- Both EOS (EOS) and Tron (TRX) have also witnessed increased daily DApp activity in 2020.
In the second quarter of 2020, the transaction volumes of decentralized apps (DApps) have reached $12 billion, a $4.5 billion (37%) surge from the first quarter, as per DappRadar.
DappRadar 2020 Q2 #Report is out!
— DappRadar (@DappRadar) July 2, 2020
We are covering the performance of 13 #blockchains listed on DappRadar.
- Total transaction volume across all protocols reached $12 Billion in Q2 2020.
- 13 blockchains already hold more than 70,000 daily wallets.https://t.co/afzvvTRZ3u
DappRadar also noted that Ethereum DApps have accounted for 82% of the $12 billion figure, with the majority of value coming from decentralized finance (DeFi) apps. With $1.2 billion in transaction volume, Compound (COMP) has become the most valuable DApp.
However, not all Ethereum DApps are thriving. Gaming DApps saw an 80% drop in this quarter due to the increase in Ethereum gas prices and transaction fees. DappRadar noted that high gas prices are “killing the activity of games” on Ethereum.
Both EOS (EOS) and Tron (TRX) have witnessed increased daily DApp activity this year. In the second quarter, Tron’s transaction volume increased by 17,210%. The sudden spike in the use of Tron Dapps is widely attributed to Oikos.cash - a Tron version of Ethereum’s Compound app.
EOS DApp wallet activity saw a 53% drop moving from 2019 to 2020 due to network congestion caused by the EIDOS token airdrop. DappRadar said that the “airdrop triggered massive congestion on the network by sucking up the majority of the EOS blockchain’s resources,” adding that it proved to be “catastrophic” for the broader EOS DApp ecosystem.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
