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.

Ethereum

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.

https://miro.medium.com/max/1400/1*sA9gKUgTp_UBMY_CRuqUaQ.jpeg
Source: DappRadar

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

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.

https://miro.medium.com/max/1400/1*4f_qo87AxBLux_9WVz-DkA.jpeg

EOS

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,

https://miro.medium.com/max/1400/1*Sa5VV5c4BH7vr6c3Zp6olw.jpeg

Ethereum (ETH) Live Price

1 ETH/USD =$603.2989 change ~ -0.52%

Coin Market Cap

$68.36 Billion

24 Hour Volume

$6.63 Billion

24 Hour VWAP

$608

24 Hour Change

$-3.1491

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Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[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

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