EOS & Tron (TRX) Gamblers Take Over Decentralized Blockchain Applications (Dapps)
We recently reported that in 2018 Ethereum remained the king of the Dapp field which could be attributed to it being the first mover in this space. However, moving into the year, EOS and Tron have already started crushing it. While, Ethereum has scaling and fees issues, EOS and Tron are promoting themselves as the Dapp market leaders with strong support for developers.
According to the latest Diar research, in 2018 nearly $13 billion has been treated on the three main active blockchains viz. Ethereum (ETH), EOS, and Tron (TRX). About $1.5 billion in value has been already transacted on the ledgers in January to date.
In January, till date, EOS Dapps account for 55 percent while 38 percent share is of Tron. As for Ethereum Applications, it has been left “with a mere 6% of total on-chain USD volume.”
EOS Taking over Ethereum
The research further states,
“While Ethereum alone transacted over $7.6Bn on-chain for Decentralized Applications (Dapps) in 2018, largely coming from Decentralized exchanges (DEX), adoption has been dwarfed by rival platforms. EOS and Tron Dapps now account for 94% of US Dollar volume across the three major blockchains having won over gamblers.”
EOS is certainly making the progress while Ethereum is on a downward trend as shown in the chart below.
The report says, “After raising, purportedly, a whopping $4.2Bn in a token distribution sale, EOS in 8-months has taken over the reins from Ethereum accounting for nearly 50% of US Dollar traded volume on Decentralized Applications (Dapps) since the platform's launch.”
The on-chain transactions of Ethereum are at an all-time high while financially driven projects like Compound, Maker/Dai, and dYdX along with Stablecoins have “found sanctuary on the Ethereum blockchain.”
However, EOS is already on incentivizing developers to build on top of their platform for which they reportedly earmarked $1 billion. Also, it has also “gained over punters – a group that Ethereum developers haven't been able to attain.”
According to the data provided by Dappradar, on the basis of users in the past 24-hours, EOS’ PRA CandyBox is at the top spot while having 4 more dapps in the top 10. Meanwhile, among the top 10, the rest of the dapps are of Tron with no Ethereum dapp in sight until IDEX on 40th position.
When it comes to 24-hours transaction volume, EOS’ Dice is at the top spot with $6.9 million transaction volume. Here, EOS is yet again in dominant position, followed by Tron. While down the line, ForkDelta of Ethereum is among the top 15 with $687k translation volume in the past 24-hours.
However, the report points out,
“It's unlikely that this pose a long-term development threat, however, with major cryptocurrency institutions having backed financial projects already geared for Ethereum.”
Gambling is Ruling the Dapp Scene
When it comes to these two new blockchains, gamblers have taken a rising interest to them. Out of the total $5.5 billion transacted on EOS, 70 percent goes toward gambling dapps. As for Tron, this number is even highest at over 95 percent.
Only 2 percent of the total US Dollar transaction volume on Ethereum accounts for gambling dapps despite about half of the applications being betting spots. “The overwhelming majority of trading went towards trading on DEX – and even that now faces a continuous adoption downfall,” as we reported yesterday.