Odaily Frontline | In the past 30 days, the active users of Ethereum’s top ten DApps reached 1 million

This article comes fromCointelegraph & Decrypt, by JOSHUA MAPPERSON & Liam Frost

Odaily Translator |

According to the analysis platform DappRadar releasedReportReport

, the Ethereum-based decentralized application (DApp) has attracted more than 1 million active users in the past 30 days.

The milestone comes amid a second wave of interest in decentralized finance (DeFi) — the number of Ethereum-based DApp users grew 11% in the first 11 days of November.

These 10 DApps, 6 of which provide “DeFi and Exchange” services, have collectively traded over $21 billion in the past 30 days.

The top three DApps - Crypto.com's DeFi Swap, Uniswap and Compound accounted for the largest share, with a total of more than 9.3 million users. Among them, DeFi Swap has 509,600, Uniswap has 276,700, and Compound has 143,900. The remaining 7 DApps did not have more than 30,000 users throughout the month.

Data from Dune Analytics shows that an individual DeFi user may have multiple addresses and interact with multiple DApps in multiple scenarios within a month, so it is difficult to accurately estimate the actual number of users based on the above figures. According to the site, the total number of unique wallet addresses accumulated by DeFi users over a period of time is 901,000.

Four of the top ten DApps listed in the DappRadar report are not classified as DeFi or exchange platforms. These four DApps include the NFT market Rarible and the NFT-driven game Axie Infinity. The remaining two apps, Forsage and HEX, were described by DappRadar as "high risk," meaning they could pose a threat to users' wealth.

The report pointed out that in the past 30 days, DeFi and exchange DApps have attracted more than 94% of daily active users, or 952,920 people. At the same time, excluding the first three DApps, the fourth to tenth DApps only have 10,000 to 30,000 daily active users, which shows that the DeFi platform is still the main "killer application" of Ethereum.

DeFi DApps are more likely to see fluctuations in user numbers, as their activity is influenced by speculative market sentiment. Other categories, such as gaming DAPPs, are less susceptible to price fluctuations.

However, it turns out that it wasn’t the DeFi bubble that burst, but the “Sushiswap and Uniswap” bubble. After removing these items, the number of active addresses has barely changed over the past three months.

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DeFi daily active addresses (excluding Sushiswap and Uniswap). Source: Coinmetrics

The total number of active Ethereum users has been rising this year, reaching a 33-month high last month. Data from analytics platform Glassnode Studio showed the number of active addresses rose to 5.9 million in October from a low of just under 2.8 million in January.

Although DApps on Ethereum continue to grow, last month's high of 1 million active users was less than 20% of the total number of active addresses in October, indicating that the DApp ecosystem has the potential to continue to grow.

However, it is also uncertain how many of those 1 million active users are unique users. Of course, some users will use the same DApp multiple times in a month, while others may use multiple DApps, further inflating the numbers.