Ethereum Tops DApp Ecosystem in Q1 Followed by Tron and EOS: DappRadar Report
- The latest DappRadar market analysis on decentralized app ecosystems has revealed Ethereum, Tron and EOS as the industry leaders.
- However, it remained evident that Ethereum continues to largely dominate this space accounting for 81% of the $6.7 billion dApp market while EOS & Tron follow with 13% and 6% respectively.
- The Crypto Market crash between March 12th and 13th affected the activity within dApps which ultimately reversed the strong growth trend previously on smart contract oriented blockchains.
According to the Q1 2020 stats by DappRadar, the crypto market dip by 30%-40% amid the COVID-19 rush for liquid money significantly affected blockchain activity in March. Notably, the dApp ecosystem experienced an immediate drop in activity as the crypto market consolidated to its lowest support level this year. Despite the slump in general dApp activity, market stakeholders on Ethereum, Tron, and EOS seemed to have reacted differently to the extraordinarily dynamic conditions.
This platform emerged as the most active smart contract ecosystem during the first quarter of 2020. Its active user wallet sparked by 16% which translated to 17,489 as March came to an end. The highlight, however, is Ethereum’s 64% year-on-year growth which is largely attributed to DeFi and Exchanges.
DappRadar has since noted a bounce back in DeFi and DEX activity could largely improve Ethereum’s performance as we navigate the Q2 of 2020. The steep uptrend in these markets had taken a hit from rising gas fees on Ethereum when the network was congested by stakeholders looking to hedge their positions amidst the uncertain market.
Tron’s dApp activity has also surged since the year began although the platform was not spared by the bear market in mid-March. Its native token, TRX, recorded a significant 48% drop on the 12th of March while its daily activity decreased by 20% three days later. The platform’s general dApp activity was, however, up by 18% since we began 2020 with gambling and high risk category projects accounting for 88% of this ecosystem. Interestingly, this performance is still below the Q1, 2019 stats hence a 15% year-on-year drop in Tron’s dApp activity.
While its counterparts recorded positive figures, EOS experienced a prolonged drop in activity since November 2019 when they released EIDOS airdrop which eventually congested the network. Compared to Q4 of 2019, EOS lost 10% in dApp activity while its year-on-year trajectory took a massive 73% cut.
Currently, the platform is struggling to maintain 10,000 daily active unique wallets; this is pretty low compared to the EOS glory days when the figure was over 40,000. Notably, this ongoing plunge on EOS dApps made the March 12 market crash insignificant to the network’s activity. All dApp categories within its ecosystem have consequently dropped compared to the previous quarter,