Data: With a growth rate of 294% in one year, DeFi has finally become the killer application of Ethereum
Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc)Editor's Note: This article comes from
Babbitt Information (ID: bitcoin8btc)
, by Daniel Phillips, translated by Kyle, published with permission.
The use of Ethereum decentralized applications (dapps) has skyrocketed in the last year, largely due to increased interest in decentralized finance (DeFi) applications. In contrast, blockchain platforms EOS and Tron have shown signs of collapse in terms of their use as Dapp platforms.
According to the latest DappRadar industry review, total Ethereum (ETH) locked in dapps reached $1.9 billion in February 2020, up 27% month-on-month. Locked ETH refers to the amount of cryptocurrency currently held as collateral in these dapps.
Source: DappRadar
Likewise, daily activity (measured by the number of unique wallet users) increased by 8% in a month. This means that more people are using such apps and using them for various things, such as trading money.
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This is part of a long-term trend. The number of these dapps on Ethereum has grown rapidly over the past year. Between February 2019 and February 2020, the value of assets locked in Ethereum dapps increased by 683%, while the number of active daily wallets increased by 104%.
DeFi applications are the main reason for this growth. DeFi allows you to lend, lend and trade money through a decentralized network without involving a bank. These types of apps have grown 294% over this time period.
Likewise, Ethereum dapps in the gaming and marketplace categories are seeing strong growth, growing 114% annually.
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EOS continues to struggle
Despite Ethereum’s strong growth, other peer blockchain platforms are still struggling to gain much traction.
Fewer people are using EOS, partly because the EOS blockchain has suffered from severe congestion for months, making it difficult to send transactions or use dapps. Daily activity dropped by 80% during this time. Despite being the biggest draw for EOS, gambling dapps saw a 90% drop in activity, the report said.decryptEOS has slipped significantly in the past year (measured by the size of each token's market capitalization), with EOS slipping from 4th to 8th.
