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.
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:
The top EOS dapps with the most daily unique active wallets are:
- Upland – 42% activity
- Crypto Dynasty – 16% activity
2020 was also the year that Ethereum competitors came online. These include:
- Binance Smart Chain (BSC)
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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