Odaily Frontline | Report: In Q2 2020, active users of Ethereum doubled

This article comes fromDecrypt, original author: Alexander Behrens

Odaily Translator |

Summary:

This article comes from

, original author: Alexander Behrens

Odaily Translator |

Summary:

- Dapp.com's "2020 Q2 Dapp Market Report" (2020 Q2 Dapp Market Report) shows that Ethereum users doubled compared to the first quarter;- From the beginning of April to the end of June, heavy trading activity on Compound pushed the transaction volume of Ethereum DeFi to more than $10 billion.- Fewer newly released Dapps means more work performed on existing Dapps.

Q2 2020 could be an inflection point for decentralized applications (Dapps) on Ethereum.

Compound According to Dapp.com's"2020 Q2 Dapp Market Report"

, the number of active users of Ethereum-based Dapps doubled within a quarter, accumulating more than 1 million.

DeFi applications drove the growth, with transaction volume reaching $5.7 billion in June, accounting for more than 97% of activity on the ethereum blockchain. This report shows just how important Ethereum is to the success of DeFi, and how much DeFi has come to dominate Ethereum in recent months.

Governance token COMP distributed in June

Across all blockchains, DeFi 24-hour transaction volume hit an all-time high of over $600 million on June 21.A recent governance voteDapp.com counts Dapp Active Users as the cumulative total of all users who interacted with the Dapp throughout the quarter. According to the data provided by it, the number of active Dapp users on Ethereum increased from about 637,000 in the first quarter to more than 1.25 million in the second quarter. Daily active DeFi users (the category of wallet addresses that often interact with Ethereum-based DeFi products) also increased from less than 7,700 in the first quarter to more than 11,200 in the second quarter.

The report also noted that Brave browser native token BAT was the most used token in DeFi in Q2 2020. The transaction volume of BAT in DeFi reached 931 million US dollars, 300 million US dollars more than Ethereum. Jon Jordan, director of communications at DappRadar, said the token's overnight success was due to its highest compound return rate, not because of any characteristics of BAT. In June alone, over $500 million worth of BAT was borrowed through Compound, enough to make it the most traded digital asset in the DeFi space in Q2 2020. In short, investors are exploiting "flaws" in the COMP distribution system to boost returns.

These "tricks" lead to

A recent governance vote