High Gas Fees are Affecting Ethereum Dapps’ Daily Activity; Tron’s Long-Term Trend on Decline
In the month of May, a total of $1.9 billion worth of tokens interacted with dapps on six blockchains via Ethereum, Tron, EOS, Steem, Hive, and WAX, as per the Dapp Radar report.
The value increased 16% which was the result of a jump in the prices of tokens because the overall activity was down 3% in May 2020 compared to the previous month. A daily average of 69,119 active unique wallets interacted with dapps across the six blockchains.
On the second-largest network Ethereum, volume through DeFi and exchange dapps remained strong with the total value up 25% to $1.2 billion. DeFi dapps remain the most popular category, accounting for 60% of May’s total value.
However, high gas fees resulted in daily activity to drop 14% month-on-month. Gambling and marketplaces category saw the biggest hit by declining a massive 61%.
Tron’s Dapp trend declining while EOS’s flat
On the other hand, Gambling dapps continue to dominate Tron’s performance despite launching DeFi dapp JUST. Similar to MakerDAO on Ethereum, JUST recorded an average of 365 daily active unique wallets and a value of $9 million, both up over 150% from April.
Gambling dapps volume increased 24% month-on-month but daily activity dropped 15%. And combined with the high-risk category, they accounted for 85% of total value and 75% of the daily average of unique wallets.
The long-term trend however remains on a steady decline for Tron dapps both in terms of daily activity which is down 5% year-on-year and value which fell 68%.
EOS dapps meanwhile had a flat month, with volume steady and daily activity up 3%. The long-term trend is good for exchanges which are increasingly taking a larger portion of EOS’ total value while gambling activity dropped heavily in the past 12 months.
Hive Enjoying Dapp Growth unlike Steem
When it comes to Steem and Hive, they had a messy divorce as the community split by the Tron founder Justin Sun’s hostile takeover of Steem and in response many dapps moved from Steem to the new hard fork.
In May, while dapp activity on Steem declined by 31%, it jumped by 201% on Hive.
Momentous success was also seen by WAX with launched Garbage Pail kids collectibles increasing the amount of value interacting with its dapps by 601% in May.