When it comes to the massive adoption of cryptocurrencies and blockchain-based technology, decentralized applications (DApps) are considered as one of the pathways to it. According to a recent report, 2019 has seen a serious number of new DApps coming out. More interestingly, though, TRON has managed to establish itself as the second most-used platform for developers, overtaking EOS. Yet, Ethereum remains the uncontested leader in the category.
A recent report from DAppReview takes a closer look at the state of DApps in the previous year and how the market has evolved. In 2019, there were 1,955 new DApps that came into being, making their total number well over 4,000.
Interestingly enough, TRON, the decentralized content-sharing platform founded by Justin Sun, managed to establish itself as the second-largest blockchain for DApp development.
As seen in the chart above, TRON barely managed to overtake EOS, with 637 active applications. However, it’s also worth noting that the transacted USD volume on the EOS network remains considerably higher compared to that of TRON. The former saw $6.1 billion of transaction volume, while the latter – $4.4 billion.
Top 3 Platforms Account For 98.65% Of Total Transaction Volume
The report also sets forth interesting information about the total state of the market. The “Big Three” platforms in the DApp space, namely Ethereum, TRON, and EOS, account for as much as 98.65% of the total transaction volume in 2019. In other words, the remaining platforms handle a negligible amount, showcasing the established dominance in the field.
2019 also saw the emergence of breakthrough innovations such as Decentralized Finance (DeFi), as well as Non-Fungible Tokens (NFTs), and blockchain-based games.
Ethereum Leads The Category
Despite all of the above, one fact remains deeply unchanged. Ethereum remains the number one platform for decentralized app development and this doesn’t seem as if it’s going to change any time soon.
According to the report, Ethereum hosts 1223 active DApps with over 1.8 million active users and well over $12 billion of transaction volume for the past year.
However, as CryptoPotato reported, more than a quarter of the entire network is solely utilized by Tether (USDT). This raises concerns that there’s little to no room left for further development of DApps.
In any case, the team behind the network has been working on a solution for the scalability issue with the transition from the current Proof-of-Work consensus algorithm to Proof-of-Stake. It’s interesting to see how this will address the existing challenges when it is finally rolled out.