An Overview of the Ethereum Blockchain Ecosystem in 2019

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2019 was a great year for the blockchain ecosystem, and more so for Ethereum as it underwent major upgrades and growth.

In this post, we look at Ethereum ecosystem and network and its growth trajectories in 2019 and why you should consider building and investing on the ecosystem.

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Here is a quick breakdown of the Ethereum ecosystem growth in 2019:

  • Over 20 million Ethereum accounts created
  • 4 million new active Ethereum addresses created
  • 8, 516 live Ethereum nodes
  • 520 new Dapps created
  • The Ethereum Name Service (ENS) grows by average 1-2 domain names per ENS owner
  • Gods Unchained, the most popular Ethereum Dapp, creates over 6.7 million items
  • Dai stablecoin on Ethereum hits the 100 million Dai limit prompting a supply increase vote
  • Ether locked in DeFi surpasses $650 million
  • Ethereum developer community 4x larger than any other crypto ecosystem

 

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Smart contracts account for 40% of all developers with applications taking the second most. However, both of these groups have lost developers over the past year. Meanwhile, Defi and infrastructure developers have both increased significantly.

There is no doubt that the Ethereum ecosystem influenced Decentralized Finance (DeFi) in a big way in 2019. As the amount of Ether locked in DeFi increased dramatically over the course of 2019, and eventually surpassing the $650 million-mark, Ether positioned itself as the go-to collateral asset for DeFi platforms and applications.

                                           Ether locked in DeFi platforms by Alethio

For example, on January 1st, 2019, Uniswap, an automated token exchange protocol on Ethereum, had a total of 31 users with just over 30 ETH in daily volume. Nearly a year later, there are now hundreds of users with thousands of ETH in daily volume.

Synthetix, a crypto-backed DeFi platform that creates synthetic assets on the Ethereum blockchain, recognized unprecedented growth with an increase in the total value locked in Synthix from $1.6 million to over $160 million in 2019 alone.

With the launch of the 1 million developers on Ethereum initiative in 2019, it is likely we are going to see more development on the Ethereum platform as additional fields like DeFi, DAOs, supply chains, and more, continue to evolve.

 

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