Ethereum (ETH) Shows Increased Usage, New Apps Lagging

By May 7, 2019 Ethereum
Click here to view original web page at cryptovest.com

The Ethereum (ETH) network sees increased distributed app (dApp) activity, although new deployments have slowed down, shows the latest Diar report on the state of the network. The news arrives at a time when Ethereum is once again at a crossroads, still attempting to switch to proof-of-stake.

Based on the discoveries of Diar, the Ethereum network still attracts the greatest number of deployments - as much as 60% of all projects. The network, due to its early arrival, has not been outcompeted by the strongest contenders, TRON (TRX) and EOS, and other networks, like Tezos (XTZ), Cardano (ADA) which are yet to attract dApp developers.

“April closed off the month with a mere 88 Decentralized Application (DApps) being deployed hitting levels not seen since the start of 2018. Last month wraps up a continuous declining trend in deployment since September 2018,” Diar pointed out.

At the same time, the ETH market price attempts to rally to a higher valuation, potentially boosting the influence of the asset. ETH traded at $176.77 after a robust overnight rally.

The Ethereum network carries more than 710,000 transactions in 24 hours, with a once-off record of 1.3 billion transactions. The transaction count has been growing gradually since January 2019, in line with the attempts at price recovery. GAS usage has been relatively high, with almost full capacity of usage in the past 10 blocks, as per Ethgasstation data. The Ethereum network hashrate has remained relatively unchanged in the past quarter, as the block reward fell to 2 ETH.

In the coming months, Ethereum may set a higher reward for staking the coins, with more than 2 billion ETH per year, for an annualized return of 1.56%. However, the switch to staking is yet to happen.

Gambling dApps, collectibles, and decentralized exchanges are the most active distributed apps. In the past day, most leading apps had a few hundred users, showing higher activity. The usage of dApps has been made easier in the past year, with the Coinbase wallet allowing for direct access to dApps and collectibles.

Leave a Reply