Ethereum Q2 Report: Active Users Doubled, DeFi dapp Transaction Volume Reached $5.7 Billion

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source|decrypt.co

Dapp.com's market report for the second quarter of 2020 shows that under the catalysis of DeFi fever, the number of users and transaction volume on Ethereum have increased significantly.

Translator's Note: OriginalDapp.com reportFeeds in

• On June 21, 2020, the daily transaction volume of DeFi dapps reached an all-time high of $608,230,230.58. On the same day, the price of Compound’s governance token COMP also reached an all-time high of $372.79.

• DeFi dapp transfers exceeded $4.9 billion (an all-time high), a 67% increase from Q1. The total volume of DeFi reached $11.5 billion.

• Among DeFi products, BAT is the most used token. The transaction volume of BAT tokens reached 931 million US dollars, which is greater than the sum of transactions of ETH and Dai.

• Active dapp users on Ethereum doubled (97%) in Q2, surging 1,258,527 new users, an all-time high.

• Before June 5, the average daily active users of DeFi dapps on Ethereum was 7,682. This number has increased by 48% to 11,230 following the COMP token launch.

• In June, DeFi dapp transactions reached $5.7 billion, accounting for 97.5% of all dapps on the Ethereum network.

• After the release of COMP, the transaction volume of Compound rose from $131 million in the first half of the month to $3.3 billion in the second half, an increase of 24 times. Its subscriber base also increased 3.5 times from 2,629 to 11,879.

The second quarter of 2020 may become a turning point in the development of decentralized applications (dapps) on Ethereum.

According to Dapp.com’s Q2 2020 Dapp Market Report, on Ethereum-based dapps, the cumulative total of active users in a single quarter exceeded 1 million.

DeFi applications have greatly contributed to this wave of growth. Transaction volume reached $5.7 billion in June, and its activity accounted for more than 97% of the Ethereum blockchain. The report shows the importance of Ethereum to the success of DeFi, and the sweeping trend of DeFi in recent months.

COMP governance token released by Compound in JuneDriven the growth of DeFi in the second quarter. Compared to May, DeFi transaction volume doubled and pushed Ethereum’s total DeFi quarterly total to over $10.3 billion. As the two closest competitors of Ethereum in the DeFi field, EOS and TRON had transaction volumes of US$1.89 billion and US$260 million in the second quarter, respectively.

On June 21, the 24-hour transaction volume of DeFi exceeded 600 million US dollars, setting a new high for all blockchain transaction volumes.

The way Dapp.com calculates the number of active dapp users is to accumulate all users who have interacted with dapps throughout the quarter. The number of active dapp users on Ethereum increased from 637,000 in Q1 to 1,250,000 in Q2.

The daily active DeFi users are a smaller category, referring to user wallet addresses that frequently interact with Ethereum DeFi products. Its number also increased from less than 7,700 in the first quarter to more than 11,200 in the second quarter.

The market report for the second quarter of 2020 also pointed out that the BAT token of the Brave browser topped the list of total transaction value during the quarter, reaching 930 million US dollars. This impressive turnover is due toliquidity minerWith the blessing of COMP, they take advantage of the benefits of the COMP distribution system to increase their income.

As a result of this farce,A recent governance voteDecided to adjust the distribution mechanism of COMP to incentivize channeling volume and liquidity to tokens with a wider range of use cases (e.g. DAI and USDC stablecoins).

In Q2, 45 new dapps were launched on Ethereum, compared to 33 for the closest competitor TRON.

The data suggests that developers may be more willing to work on existing dapps than release new ones: in Q2, there were only 99 new apps released across all blockchains, compared to 99 in Q1. 135.

The second quarter was another quarter dominated by Ethereum. The number of Ethereum users and daily transaction volume have increased significantly both on a quarter-on-quarter basis and compared with competing protocols such as TRON and EOS.

As Ethereum-based DeFi continues to develop and continue to climb, it seems increasingly unlikely that any rival will replace DeFi's current darling status.

Disclaimer: ECN's translation work aims to deliver high-quality information and learning resources for the Chinese Ethereum community. The copyright of the article belongs to the original author. Reprints must indicate the source of the original text and ethereum.cn. For long-term reprints, please contact ethereumcn@gmail.com Authorize.

Disclaimer: ECN's translation work aims to deliver high-quality information and learning resources for the Chinese Ethereum community. The copyright of the article belongs to the original author. Reprints must indicate the source of the original text and ethereum.cn. For long-term reprints, please contact ethereumcn@gmail.com Authorize.