Decentralized applications (Dapps) continues to thrive and evolve in 2019. Last year, 1,955 new DApps were launched, taking the total tally of DApps to over 4,000, according to the 2019 Dapp Market Report by DappReview.
The scale of Dapp users, however, remains far behind the centralized applications while the total value of on-chain transactions reached $23 billion.
In Dapp space, Ethereum’s leading position “remains unbreakable” with both Tron and EOS maintaining a good momentum of development. These three public chains account for more than 98.65% share of total transaction volume of the dapp market, forming what DappReview says the “Big Three” in dapp space.
Users’ Enthusiasm Fell in H2 2019
During the first half of 2019, Casino and high-risk DApps contributed the most to the transactions on Tron and EOS.
With 8 of the top 10 Tron DApps being casino DApps, Tron is best defined as the “Las Vegas on the blockchain.” Wink was the most successful and profitable Casino dapp on Tron in 2019.
The dapp ecosystem of EOS started well but soon fizzled out. In the last quarter of 2019, EIDOS, an airdrop smart contract almost paralyzed the entire EOS after its launch on Nov. 1st.
In the second half of 2019 however as the price fell about 50%, so did users’ enthusiasm for speculation. This led to a decline in transaction volume of these blockchains.
Other than these “Big Three,” nine public chains, IOST, STEEM, NEO, ONT, LOOM, TOMO, WICC, WAVES, and WAX with a total of 354 DApps were listed in the last year.
The Most Vibrant Area of Crypto Industry
The dapp that took the limelight in 2019 was DeFi, which become the “growth gist” of Ethereum. DeFi includes financial applications and exchange services like payment solutions, asset management services, and borrowing and lending markets.
The transaction volume of DeFi accounted for over 90%, 61.05% of exchange DApps and 29.98% of finance daps, of the total transaction volume on Ethereum at $12.8 billion.
Last year, the monthly number of unique DeFi users ranged between 40k and 60k. On average Ethereum-based DeFi platforms recorded the unique daily users of 3,456. Taking ERC-20 tokens into account, Ethereum’s transaction value at $12.8 billion exceeds the combined value on both EOS ($6.1 billion) and Tron ($4.4).
During last year, the number of active projects which are defined as those with more than 50 daily unique users nearly doubled.
Within the crypto space, DeFi however, remains small as the total collateral locked in staking at $6 billion is about 5x than the total collateral in DeFi.
“While DeFi represents a tiny segment of the crypto-industry, it is one of its most vibrant areas,” states the report.