DApp transaction volume reaches $12B in Q2 of 2020 via DeFi adoption

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 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.