DappRadar Adds Ethereum’s ERC-20 Tracking Data, Revealing An Additional $73M In Dapp Volume
The weekly transactions within Ethereum’s network may actually have been underestimated by $70 million according to DappRadar stats.
This token-tracking firm recently added the ERC-20 altcoins to its tracked portfolio and have since revealed that some Dapps on the Ethereum blockchain are quite promising.
Initially, DappRadar was only tracking the ETH transactional volume among other cryptocurrencies. The move to analyze ERC-20 tokens in detail will enable the service provider to spot outstanding projects based on Ethereum smart contracts. So far, they have published a sample ranking of the top 8 performing projects last week;
Source; DappRadar Medium page
DappRadar’s CEO and Co-founder, Skirmantas Januskas, noted that this new strategy will create a fair valuation ecosystem for ERC-20 tokens. ForkDelta, a Dapp on Ethereum blockchain, is a perfect case example.
Previous stats on the project’s transactional volume show a weekly of $778,000; this has increased by over $16 million as per the latest DappRadar stats.
Ethereum’s Dapp Market Dominance
These findings by DappRadar show that Ethereum probably lives up to its hype in a conservative and unrecognized way. The Vitalik Buterin led network enjoys a 60% market share of the existing Dapp communities. In addition, DappRadar’s real-time tracking of ERC-20 based tokens shows that the weekly transactional volumes are over $100 million while previous tracking on ETH alone showed $27 million.
Crypto exchanges lead in revenue generation within Ethereum’s ecosystem at $40 million followed closely by Dapps with $33 million. Gambling-based products close the list with a weekly transactional volume of $311,000.
This new token tracking data has further revealed that exchanges and DeFi’s have been resilient despite the volatility in cryptocurrency. It begs the question whether the token-oriented products will survive longer or succumb to the crypto bubble theory?