Ethereum Rules Dapp Market in Q1 Despite Black Swan; DeFi Is The Main Growth Driver

Ass per the latest report of Dapp Review, the Coronavirus outbreak, the Black Swan of 2020 that triggered the global market sell-off had a direct impact on the decentralized applications (DAPP) market in Q1. In the first quarter of 2020, a total transaction volume of $7.9 billion across 13 blockchains was recorded, this has been an increment of 82.2% from 1Q19.

The major three protocols Ethereum, EOS, and Tron contributed more than 99% of the total volume. Among these three top blockchains, Ethereum was the only one with year-over-year growth, both Tron and EOS suffered a loss in users and transaction volume.

DappReview Report
Source: DappReview Report

When it comes to dapps, 254 new dapps were launched in Q1, which was 60% lower than 1Q19. Game, exchange, and casino are the top three sectors in terms of active address. The total active addresses that interacted with dapps meanwhile dropped 22.1%. However, Casino dapp was the popular category last year has been down 64.4% in volume this quarter.

DeFi is the “growth gist”

Ethereum remains the king in the Dapp space, with $5.64 billion in total transaction volume reported by Ethereum dapps, an increase of 652% compared to 1Q19’s $743 million.

However, the active dapps on Ethereum at 641 have been fewer than last time’s 173. Out of these 33 are from Finance, 72 Exchange, 180 Game, and 71 are active Casino dapps.

Ethereum-based Decentralized Finance (DeFi) projects are the main volume growth driver. DeFi has been the “growth gist” of Ethereum since 2019 with the largest transaction volume.

Source: DeFi Pulse

However, instead of Ethereum’s native token Ether, most of the volume of DeFi projects are in ERC 20 tokens like DAI, USDC, and WETH. As such, $5.64 billion transaction volume of Ethereum, 84% was generated by ERC-20 tokens.

The sell-off on March 12, actually resulted in the transaction volume of Ethereum dapps reaching a historic peak of 3326 million, mainly contributed by MakerDAO, dYdX and other DeFi projects.

Now, Tron is also slowly making its place in DeFi space with the unveiling of Djed, a MakerDAO-like stablecoin system.

Ethereum (ETH) Live Price

1 ETH/USD =$239.5612 change ~ 2.92%

Coin Market Cap

$26.63 Billion

24 Hour Volume

$3.26 Billion

24 Hour VWAP


24 Hour Change


Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Compound Roadmap to Full Decentralization to Begin with Issuance of COMP to Their Community

Compound will now issue COMP tokens to the users of their protocol in a bid to achieve full decentralization. They have released an...

Crypto Payment Processor BitPay Sees More Use in Stablecoins than Layer-2 Solutions

Rising fees on the Bitcoin blockchain after the halving will not set BitPay, a crypto payments startup, into using layer 2 payment channels...

Digital Dollar Foundation Releases Its First Whitepaper Urging The US Govt To Explore CBDC's

Christopher Giancarlo’s Digital Dollar Foundation releases its first white paper on the digital dollar. The projects aims at implementing a private-public partnership with...

Ethereum is Close to Being Flipped on its Own Blockchain As the Total Value Stored Is Shifting

The Ethereum network has been seeing a lot of activity in 2020. The price of Ether already seems to lead the altcoins rally, currently trading...

Coinbase, Who Controls Over 11% of Tezos, Rolls Out XTZ Staking in the UK, France, Spain, and the Netherlands

Over 6 months back, Coinbase launched Tezos staking for its US customers and now they are rolling this feature out for its users in...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today