Approximately 90% of All On-Chain Activity on Ethereum was from UniSwap, May 2021 Dapp Report Reveals

May 2021 was indeed an eventful month for the crypto space that saw both bitcoin and ethereum dip by more than 40%.

Depite this however, the DeFi ecosystem remained strong as dapps continued to work as designed with UniSwap continuing to dominate in enabling on-chain activity on Ethereum.


SEE ALSOThe Blockchain Industry Saw a 639% Growth YoY and 2,627% Growth in NFTs in Q1, 2021 vs Q4, 2020, According to Latest Report



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Below are key takeaways on DeFi for May 2021:

  • Over 1 million unique user wallets connected with a blockchain – BSC and WAX protocols accounted for over 80% of these signups
  • Binance Smart Chain (BSC) was the leading blockchain with over 417, 000 unique active wallets
  • UniSwap was responsible for approximately 90% of all on-chain activity on Ethereum
  • PanCakeSwap was the leading dapp with over 350, 000 daily unique active wallets
  • Over 480 new dapps were launched across the different protocols – the most new dapps belonged to the DeFi category
  • 80% of the total value locked was on the Ethereum DeFi ecosystem at $65 billion
  • BSC total value locked decreased by 50% following the Venus dapp liquidation
  • Polygon grew 4x to 36, 000 unique active wallets – became 5th largest protocol
  • Polygon saw over 1, 102% growth in total value locked to around $5.7 billion – the best month so far for Polygon
  • The NFT marketplace saw a 5% dip in sales to reach $350 million – the second month in NFT dip in a row
  • The crypto crash resulted in total value locked across Ethereum, BSC, and Polygon dropping to about $80 billion down from $115 billion right before the crash
  • Despite a 21% decrease, CryptoPunks was still the largest dapp on Ethereum with $69 million in trading volume


RECOMMENDED READING: Emerging Markets Like Africa Made Up Only 10% of the DeFi Traffic in February 2021


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