DeFi Boom Almost Doubles Ethereum Active dApp Users in Q2 2020, Report Says
Dapp.com, a leading decentralized application (dApp) analytics platform, has released its Q2 2020 Dapp Market Report showing the big winners and losers in the world of decentralized finance (DeFi). Brave Browser’s Basic Attention Token (BAT) is the most used token in DeFi, while Ethereum attracted the highest number of dApp users in Q2, 2020.
The DeFi Ecosystem Steadily Growing
While bad actors have continued to exploit loopholes in DeFi platforms in a bid to steal users funds and get rich quick, the industry has continued to grow from strength, with the total transaction volume of DeFi dApps reaching an all-time high of $608,230,230.58 on June 21, 2020, according to Dapp.com.
King of the DeFi world, Ethereum, increased its number of active dApp users by a whopping 97 percent, reaching an ATH of 1,258,527, while a total of $4.9 billion was transferred via finance dApps, which is a 67 percent increase as compared to Q1, with the total DeFi volume hitting $11.5 billion.
Interestingly, Basic Attention Token (BAT), the native cryptocurrency of Brave Browser, a privacy-protecting web browser focused on transforming the way we surf the Internet, was the most used token in DeFi in Q2, 2020, generating a massive $931 million in transaction volume, outperforming ETH and DAI.
12 DeFi Blockchains Generated $12.43B in Q2, 2020
What’s more, in Q2, 2020, 12 public blockchains including Ethereum, EOS, TRON, Steem, Hive, Chiliz, Terra, ICON, Kakao’s Klaytn, NEO, Tomochain, IOST and Vexanium accounted for 1,394 active dApps. These networks boast a combined total of 2,808,050 active dApp users, generating a total transaction volume of $12.43 billion in Q2, 2020.
Also, the number of active dApp users on Justin Sun’s Tron (TRX) surged by 50 percent, reaching 392, 657, while that of EOS grew by 30 percent, hitting 116,389.
Notably, Klaytn, the distributed ledger technology (DLT) project launched in 2018 by South Korea’s messaging giant, Kakao, experienced a 63 percent decrease in dApp users in Q2 2020, managing just 1,040,507, as compared to the 2.8 million active dApp users recorded in Q1.
Earlier in March 2020, the Hive blockchain network went live after successfully forking from Steem. Per Dapp.com, a good number of promising projects on Steem, including Splinterlands and 3speak have now migrated to Hive, and the total number of active dApp users in Hive has surpassed that of Steem.
At press time, Compound (COMP) is the number one Ethereum-based DeFi platform in the world, with a massive $655.4 million locked in its ecosystem as collateral, followed by Maker ($592) and Synthetix ($323.3), as seen on Defi Pulse.