The Ethereum DeFi Ecosystem Accounted for 95% of All Dapp Transactions Volume in 2020, Latest Report Reveals

Dapp transactions so far in 2020 have seen astonishing growth of over 1,178% which is equivalent to over $270 billion.

According to the latest 2020 Dapp Industry Report by Dapp Radar, the Ethereum Decentralized Finance (DeFi) ecosystem accounted for 95% of all the transactions.


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The report notes key 2020 trends that defined this DeFi boom:

  • Dapp transaction volumes surpassed $270 billion with 95% accounted for by Ethereum’s DeFi ecosystem
  • Total value locked amongst top Ethereum Dapps reached an all-time high of $13 billion
  • Unique active wallets grew by 466% from 58, 000 in 2019 to 200, 000 in 2020
  • Transaction volume grew by 1, 178% from $21 billion in 2019 to $270 billion in 2020
  • The top 10 DeFi dapps accounted for 87% of all Ethereum transaction volumes of about $223 billion in 2020
  • Uniswap was the unquestionable leader of the decentralized exchange (DEX) category of 2020
  • Yearn Finance merged with other projects befoming the first merger of this sort to have been executed in the decentralized space and giving other dapps a template and impetus to follow the trend
  • Dapp exploits and hacks resulted in over $120 million loss open up the emergence of insurance products in the space
  • Rarible was the first NFT platform to embrace DeFi practices and introduce a governance token
  • Rarible was the first platform to offer token farming with the NFT marketplace
  • Although NFT transction volumes are relatively small at $63 million or 0.02% of the total across all categories, NFT dapps prove real potential
  • Majority of tokens within DeFi and NFT dapps were governance tokens
  • Yield farming inspired the DeFi ecosystem activity
  • Wrapped BTC (wBTC) is the leading provider of tokenized bitcoin on Ethereum
  • NFT sales drove dapp growth and show real potential
  • The launch of Ethereum 2.0 looks more crucial to ensuring Ethereum’s leadership survival
  • There were more than 17, 000 unique active wallets within the TRON DeFi ecosystem daily
  • EOS generated more than 4, 000 unique active wallets daily
  • In just 3 months, the Binance Smart Chain protocol generated approximately 10, 000 unique active wallets

The top Ethereum dapps with the most daily unique active wallets (DAUs) are:

  • UniSwap – Approx 50, 000 DAUs
  • PancakeSwap – Approx. 5, 000 DAUs
  • SushiSwap – Approx. 1, 000 DAUs

The top TRON dapps with the most daily unique active wallets are:

  • JustSwap
  • UME

The top EOS dapps with the most daily unique active wallets are:

  • Upland – 42% activity
  • Crypto Dynasty – 16% activity
  • Prospectors

2020 was also the year that Ethereum competitors came online. These include:

  • Binance Smart Chain (BSC)
  • Cardano
  • Cosmos
  • Flow
  • Near
  • Polkadot

According to the report, the DeFi ecosystem is going to form the foundation of the crypto economy in 2011 for a number of categories.

Metrics also seem to suggest that the Binance Smart Chain (BSC) is quickly becoming a serious contender for Ethereum going forward as dapps launched on the blockchain continue to gather impressive attention within just months of its existence.

The report also predicts a regulatory battle for DeFi in 2021 as exposure to bitcoin and DeFi grows.


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