2020 Q2 Dapp Market Report by DappReview

By July 9, 2020DApps
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  • The total transaction volume of dapps market in the Q2 hit an all-time quarterly high of $16.73 billion, increased by 153.7% compared to 2019 Q2. Ethereum took 85.3% of the market share in terms of volume, followed by TRON and EOS which contributed about 14.3% together.

This report includes two parts. Part one will focus on data and charts, presenting the latest stats of the dapp industry in the second quarter and some interesting findings. Part two will be a re-cap of the key projects and updates and what to expect in next quarter.

The total transaction volume of Ethereum dapps in 2020 Q2 was $14.27 billion, an increase of 334% compared to the 2019 Q2($3.28 billion).

In 2020 Q2, the Ethereum dapp ecosystem remains diverse and the performance was very steady compared to other blockchains. Dapps in categories like Game and Casino have maintained the level of last quarter, while Finance and Exchange dapps have gained huge growth over the last 3 months.

Users of Risk dapps also increased rapidly. The average DAA (Daily Active Addresses) of Ethereum in 2020 Q2 was 44,359, an increase of 202%, of which the Risk category contributed over 60%. If we exclude those Ponzi and scam dapps, the average DAA is 18,103, with a growth of 34.8%.

The total transaction volume of Risk dapp in Q2 reached $405 million, increased by 78.6%; while the total users number exceeded 1.16 million, 73.9% of Ethereum total dapps users, an increase of 1331.7%.

Affected by the huge numbers of Risk dapp transactions and expensive gas fees, the users of Game dapps continued to decrease, which is 29.21% lower than the last quarter.

DeFi projects had a massive growth in Q2, gaining a lot of traction and users. The users of Finance dapps exceeded 140K, increased by 1236.3%, while the users of Exchange dapps exceeded 170K, 73% higher than 2019 Q2.

In the first half of 2020, the total value locked in DeFi rose steadily after the March 12th plunge and exceeded US$1.7 billion at the end of last quarter.

In 2020 Q2, the average daily transaction on the Enjin platform was 1,933, and the average daily transaction volume was $1,363. By now, there have been over 1 billion ERC-1155 tokens minted on Enjin platform, backed by over $1.5 million value of ENJ token.

By now, there have been over 2,000 artists and nearly 3,000 collectors on the four cryptoart platforms.

The total transaction volume of TRON dapps during 2020 Q2 was $370 million, down 10.4% compared to Q1. The casino dapps continued to be the main volume driver in TRON dapps ecosystem, contributing $312 million in transaction volume, 83.8% of the total transaction volume.

  • In Q2, the total transaction volume of Finance dapps was $17 million, which was 172 times of the first quarter. JUST and Oikos contributed $12.52 million and $610K respectively.

The total number of active addresses of TRON in Q2 was 521,774. On a daily average, the number was 26,250, an increase of 5% from Q1. In terms of categories, users in Game, Other, Risk, and Exchange have rebounded.

The total transaction volume of EOS in Q2 is $2.02 billion, which is 16.7% increased compared to Q1 ($1.75 billion). The average DAA of EOS in 2020 Q2 was 18,520, an increase of 62.3%. And it's worth noting that the DAA numbers were inflated because some of the EOS based casino dapps are using bots to manipulate the users' stats. (The same thing happened as well on TRON and ETH dapps, especially in Risk and Casino category)

ICON Network is a general-purpose blockchain protocol based on the native cryptocurrency ICX that can run smart contracts, adopt the BFT-DPoS (Delegated Proof-of-Stake) consensus protocol, and use an economic-governance protocol called DPoC (Delegated Proof-of-Contribution).

A lot of progress and awesome products have been made by BUILDers in the dapp space. Here's a list of selected Q2 updates you wouldn't want to miss. (Due to the time constraint, we may not be able to cover all the important events/updates/projects, feel free to make a comment if you wanna add something)

Cryptovoxels In 2020 Q2, Cryptovoxels had updated from v3.25.0 to v3.81.0, including a UWP build that was released on May 11th. Cryptovoxels performed well on land selling: it completed final Origin City land auctions in Apr and sold out its new Proxima Island lands in May. Somnium Space Somnium Space partnered with MAXIMA, a real estate agency in Czech Republic, to provide VR estate services such as leasing and construction to the public. On May 8, Somnium Space released the feature of parcel renting. Two weeks later, the second 10-week land sale ended with a total income of over 2,000 ETH. SuperRare SuperRare held a virtual party in Cryptovoxels to celebrate its 2nd birthday. In May, an auction was launched on SuperRare during Ethereal Virtual Summit 2020, 50% of the sales were donated for fighting COVID-19. In late June, SuperRare held its first VR art show in VRChat and started to support the tokenization of 3D artworks. Moreover, SuperRare announced funding from the DAO investment group The LAO. In Q2, 2439 artworks were sold on SuperRare with the average price 60% higher than Q1, crossing the $1,000,000 mark for the amount earned by artists. KnownOrigin KnownOrigin had its 2nd anniversary on Apr 10th. In mid-April, KnownOrigin opened its first VR gallery in Cryptovoxels. Artist Trevor Jones made a selling record at 55.55ETH with his artwork “The Bull'' on KO. At the end of June, KO opened its gallery in Decentraland. Now, there are over 300 artists created 5,000+ artworks on KO and the total volume has already broken 1,500 ETH. Decentraland Decentraland launched a donation with Binance to raise funds for those who are fighting against COVID-19 on the front line. They raised $5,700+ USD from the community and Decentraland donated 10,000 USD. Decentraland launched a Content Creator Program In May to help users creative projects on Decentraland. In June, the first-ever Art Week was held in Decentraland. All the major platforms joined in the activity, including SuperRare, MakersPlace, Known Origin, Mintbase, PixelChain, OpenSea, and Async Art. PixelChain Making its public debut in late April, PixelChain allows users to create 32x32 pixel art and mint it on ETH blockchain as NFTs. A couple of weeks later, the PXC NFTs could be displayed in Cryptovoxels and Decentraland. In May, PixelChain partnered with blockchain game Ethernal for a pixel art contest. The winning artworks would be added to the game. MakersPlace In Q2, there were 1600+ active artists on MakersPlace who created 30k+ artworks in total and earned $275k+. The artworks of top artist Javier Arres have been sold for over $30K USD in the last 6 months. The number of collectors/buyers on MakersPlace exceeded 500 and 5k+ artworks were sold for over $320k. The new function DROP can highlight and feature creators, and an auction for a newly created piece of theirs. Besides, MakersPlace announced a key partnership and launch of new artwork and a comic by famed DC / Marvel artist Jose Delbo. First time selling his work as an NFT. Async.ArtAsync.Art is a programmable artwork platform. In Q2, 18 Masters, 114 Layers were sold. The total sales reached 414.89 ETH(≈ $82K). In June, it launched Async.Art App, the first Cryptoart gallery app for Smart TVs. Async.Art also has a designated gallery as a part of Genesis Art Week festivities in DCL.

Skyweaver In Q2, SkyWeaver kept optimizing and updating. In mid-April, 3 new heroes and 150 cards were updated, the cards trading market and the hero selection interface were redesigned. On April 19, the second Sky Champions tournament started. In May, a new XP Boost system and a Time penalty mechanism were introduced. In June, more updates including a series of in-game visual effects, heroes' skin pictures and backgrounds. The Sandbox In April, a new version of VoxEdit software and the Game Maker’s Alpha were released. The Sandbox launched its new tokens Gems and Catalysts that will define the tier and scarcity of the NFT ASSETS. The Sandbox built partnerships with role-playing game Chainbreakers and MMO Strategy game League of Kingdoms. In early June, the Sandbox MoonSale, a one-month special LAND Presale started. Axie Infinity Axie Infinity is a digital pet blockchain game with adorable characters. In April, the first Esports-focused DAO, MetaClan, ran an Axie breeding tournament. Then, their COO, Aleksander AKA Psycheout, was voted in as a new Board member of the Blockchain Game Alliance (BGA). Now, the fourth to sixth season of Axie finished, and the seventh season is in progress. SoRare On May 12, Football collectible card game Sorare migrated from Loom to the Ethereum protocol. In terms of market operation, Sorare built cooperation with Opera Browser. It also released an affiliate program where participants can earn rewards. Moreover, Real Betis, FC Shakhtar Donetsk, PFC CSKA, Gimnasia joined Sorare, and the chief coach of Gimnasia, Diego Maradona is available in this game. In mid-June, the unique card of Cristiano Ronaldo was sold for a Record 59.181 ETH. At the end of this month, the K League became the first Asian sports league to join Sorare and the Major League Soccer Players Association (MLSPA) and its roster of 700+ current players are available on this game. God Unchained On June 11, Blockchain TCG God Unchained released version 0.23, engine, and system being updated. Trinket, board and card back functionality has been integrated into the official marketplace. Last month, GU published a series of cards, called Welcome Set, for new users, which is a collection of 70 cards. These cards are not on the blockchain and cannot be traded or fused. My Crypto Heroes Since the end of April, MCH has been banning users from creating accounts with their email. People logging through Google have to transfer their account to an Ethereum Address. After season#16 began, MCH changed the system of Replica Heroes, which was intended to get more players to join PvP battles. At present, season#18 is underway. Meanwhile, MCH launched a Community Event Support Program for facilitating community events. In mid-June, MCH held the charity Raid event with Binance Charity to help the “Crypto Against COVID” campaign in Japan.

Nine Chronicles, a blockchain-based RPG backed by Ubisoft and Planetarium. The game features a fantasy world where players could explore the dungeons, craft and trade items. More than 1500+ players joined its closed beta. The public pre-sale will be on Jul 15th. Splinterlands On April 9, Splinterlands integrated with the WAX Blockchain. Moreover, Splinterlands began to accept Hive and HBD payments in early April. At the end of that month, Splinterlands integrated Hive-Engine, which made it possible for users to send their in-game tokens to hive-engine. On June 1, Splinterlands migrated from Steem to Hive Blockchain. Also, it finished its API update, the steemmonsters.com domain for all API access will be phased out. Metaboss Metaboss, designed by Neon District's team BlockadeGames, is an idle MMO that gives all your favorite NFTs a second strategic use-case. NFTs of many games are supported, such as CryptoKitties, MyCryptoHeroes, GodsUnchained, and The Sandbox. On May 19, the Metaboss soft-launch and public trial started. Users can exchange their idle NFTs for equivalent Metaboss in-game currency. CryptoFights CryptoFights is a blockchain fighting game designed by Kronoverse, an independent game development company, also a member of ESIC(Esports Integrity Commission). On April 24, CryptoFights reached cooperation with ESL, the world’s largest esports company. On June 1, CryptoFights secured further funding via technology investment firm Persimmon Hill Ltd. and technology entrepreneur Calvin Ayre. On May 11, CryptoFights moved to the BSV blockchain from Ethereum-based Enjin to tokenize users’ in-game items because of the lack of scalability of the Ethereum blockchain. But some questioned its real purpose because Calvin Ayer is exactly a backer of BSV.

Maker WBTC, TUSD, KNC, and ZRX were accepted as collateral. The cap of DAI has been increased to $123 million. Single-Collateral Dai (Sai) was shut down on May 12th. Dai became one of the favorite crypto in Latin America. More projects accept Dai as a payment method, including Blockchain Art Exchange, Decentral Games, etc. Marble Cards and Battle DAO got 1500 Dai bounties from MakerDAO Dai Gaming Initiative. WBTC, TUSD, KNC, and ZRX have become the collateral for DAI. The cap of DAI has been increased to 123 million USD. Single-Collateral Dai (Sai) was shut down on May 12th. Uniswap On 18th Apr, Uniswap was attacked by a hacker, about 1,278 ETH was stolen. On 24th Apr, Paradigm invested 1 million USD as the lead investor in the Uniswap seed round. The USDC Bootstrap Fund has provided 1 million USD of liquidity to the USDC/ETH pool. UniswapV2 was deployed to the Ethereum mainnet on 18th May. The new feature includes ERC20/ERC20 pairs, price oracles, flash swaps, etc. Kyber Kyber has processed over $1 billion USD in fully on-chain trading volume. Over 500 million KNC has been burned. 2Key and Enjin integrated Kyber’s On-chain Liquidity Protocol. ParaFi Capital invested KNC to form a partnership with Kyber to prepare for the launch of KyberDAO. More than 10 popular cryptocurrencies including BUSD, COMP, BAND, and QNT are available on Kyber. Compound On Apr 16, the community began in charge of Compound governance, all modifications to the protocol were proposed and voted on by the community. After that, adding USDT as a borrowable asset became the first Compound governance proposal. May 28, Compound published the distribution plan about COMP, the governance token of Compound. The public distribution will feature 4.2M COMP (out of 10M) in total, distributing 0.5 COMP every block. Tokens would be allocated proportionally according to the interest of each market accrued. In late June, The total assets locked on Compound crossed over 1 billion USD. dYdX dYdX launched the BTC perpetual contract market in April. To keep the safety of the feature, dYdX announced a bug bounty program, examiners would get 50K USD reward if they found a critical bug. A month after the BTC perpetual launched, the 24H volume exceeded 14 million USD. On Jun 2, dYdX added spot markets, users could swap ETH, DAI, and USDC. dYdX updated the BTC perpetual in June to allow users to deposit USDT and convert it to collateral. tBTC tBTC is an open-source project supported by Keep, Summa, and the Cross-Chain Group. it allows people to use BTC to act on the Ethereum network. tBTC released on Ropsten Ethereum testnet in February and launched on Ethereum mainnet in May. Soon, they found a significant bug and paused the tBTC deposit. tBTC started its stakedrop on Jun 8. The stakedrop will last for months until all of the KEEP tokens allocated to the drop are exhausted. RenBTC RenVM is a decentralized custodian that mints and burns digital assets 1:1 on Ethereum as ERC20 tokens. RenVM Mainnet was launched at the end of May. That means people could use BTC, BCH and ZEC in ETH DeFi app. Ren partnered with Synthetix and Curve Finance to build a new incentivized liquidity pool that consisted of RenBTC, WBTC, sBTC. The pool was aiming to provide the lowest slippage for trades between sBTC, renBTC, and WBTC for traders. Futureswap Futureswap is a decentralized perpetual futures exchange that offers up to 20x leverage and liquidity providers can earn fees and interest. Futureswap launched its alpha version in April. The total trading volume reached 17M USD and total liquidity was up over 1.3M USD within 3 days since its alpha release. It was so popular that out of expectation and brought potential security risks of assets. So the Futureswap team decided to end the alpha release in advance.

Enjin In Q2, games Grasshopper Farm, Cryptonom, and War of Ants announced to join the Enjin Multiverse. Enjin launched its Minecraft blockchain plugin: EnjinCraft in late May. EnjinCraft allows users to integrate, use, and trade blockchain gaming items in Minecraft server. Hunters of Rio (renamed MyMetaverse now) was a Minecraft blockchain server. It featured a WordPress plugin that allows users to buy blockchain assets and receive them to their Enjin wallets. Matic Network With Loom Network turned to provide services for enterprise customers, many blockchain games moved to Matic Network in Q2. Including 0xUniverse, BlockLords, Ethernal, and Blockchain Cuties. Matic released its mainnet in the end of May. On Jun 11, Matic partnered with Decentraland for the Mini-Games Creators Program. Creators could apply for 6,000 USD worth of MANA/MATIC per team. FLOW Flow held 3 times of Cadence Cup to ask developers to explore Cadence which is the smart contract programming language of Flow. In Apr, Flow added SDKs into the open-source community that gave developers basic tools and documentation to turn their ideas into reality. Blockchain games CryptoKitties and Chainmonsters have announced that they would launch on Flow blockchain in May.

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