- Dapps have emerged as a new trend in blockchain space.
- Defi applications had also caused significant consideration but they are still far behind gaming and gaming Dapps.
As blockchain technology is developing day by day, the decentralised applications (Dapps) have also emerged as a new trend. Ethereum, as the premier platform, helps provide a basis for the expansion of such applications. Various other smart contract platforms, such as EOS and Tron, have also recently entered the field and are being dubbed the “Ethereum Killer” notoriety.
EOS and Tron are working hard to expand their user base. However, the technical advantages involved in these Dapp platforms are not proving to be a great help to obtain a user base comparable to Ethereum.
The beginning of the year 2019, witnessed a spread of stablecoin, but in the second half, the paradigm caused by decentralised finance completely changed the focus of attention.
Simultaneously, crypto lending platforms which were established by industry giants like Binance had provided a boost to the Defi movement. This also resulted in an increased interest in developing the Defi applications. In fact, in the last year, the growth and expansion surrounding Defi applications had also caused significant consideration. However, the DeFi Dapps are still far behind gaming and gaming Dapps.
Ever since the start of June 2019, the development of Dapps had witnessed an acceleration. However, it is still below the level at the end of 2018. The rate of decline in the adoption rate of Dapps continues. However, hopes remain high as the new Internet environment based on blockchain technology has come into existence. It may help the Dapps market to return to a period of an upward trend. However, the current market size is still too small to predict exactly when this will happen.
The micro-trends suggest that at the end of the year 2019, the number of Dapps users in the three principal application categories of Defi, gaming and games had also witnessed a dropped. In a broader sense, the primary growth of the DeFi app is gained from Ethereum. Ethereum accounts for 75% of such applications which is further followed by EOS accounting for about 11%.
It seems that the number of users of gaming Dapps has been declining since June 2019. At the same time, since August 2019, the number of users of the DeFi app had also been facing a steady decline.
Dapp user volume fluctuations
Various reports suggest that the number of active users on Dapp had decreased from 110,000 in May to 41,000 in the early parts of December. This indicates a decrease of 62%. The number of weekly active Dapps on the counted 10 blockchain platforms also dropped from 529 to 370. This trend can be polished from the above picture, especially at the end of 2019.
As per the current trends, the ecosystem of Dapp trying to cope with maximum activities which have generated by some of the platforms like Ethereum, Tron, and EOS. The industry requires more time to expand its focus to run better.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.