DappRadar, a market analytics site that ranks and tracks decentralized apps, yesterday announced it has uncovered $3.8 billion annually in Ethereum’s economy after adding ERC20 token tracking for all Ethereum dapps.
DappRadar claimed to have uncovered over $73 million in seven-day volume—meaning that seven-day volume in Ethereum dapps has increased from $27 million to over $100 million.
This, says DappRadar, takes ETH’s annual value to over $5 billion.
“This will greatly increase the transparency of value creation on the Ethereum blockchain, especially for decentralized exchanges that support the trading of ETH-based tokens and the fast-growing DeFi category,” said Skirmantas Januskas, CEO and co-founder at DappRadar.
Previously, wrote DappRadar in a blog post on Tuesday, it only tracked the volume of the native ETH cryptocurrency. Now, it ranks ETH dapps on the total volume of ETH-based ERC20 tokens that pass through smart contracts.
DappRadar highlighted the example of FordDelta, which used to show a weekly volume of $778,000. Now, DappRadar’s tracking revealed an extra $16.8 million on seven-day transaction volume.
On another, Oasis Trade, DappRadar previously showed $0 volume. After tracking the value created, it’s found $2 million a day.
Last month, DappRadar claims it uncovered $1 billion of annual hidden value on the EOS blockchain, increasing its value by about 25 percent.
Sure, this is napkin math—Jon Jordan, DappRadar’s communications manager, backed up his claim about EOS by multiplying $3m—the daily volume it claimed to have uncovered—by the number of days in the year, 365.
But those numbers posted on one of the most prominent market analytics websites could convince some of those pesky institutional investors to take a closer look at DeFi.
Decrypt has reached out to DappRadar for comment.