Most Active Daily Users For Ethereum Decentralized Applications (dApps)
dApps, also known as Decentralized Applications, are codes that run on decentralized peer-to-peer networks. Ethereum has allowed them to spread and be hosted in its blockchain system. But which are the most used dApps based on Ethereum?
According to Coindex, Idex, ForkDelta, Bancor, CryptoKitties, and LocalEthereum, are the most used apps according to their daily active users. In the future, others could be in the list due to the fact that the blockchain world keeps expanding at all times.
Idex.Market is a decentralized exchange that is powered by Aurora, a firm that has been developing different financial services in the form of dApps. The exchange started its operations in October and saw its user base grow at the beginning of the year.
The dApp had 6,479 users in the last 24 hours, according to Coindesk’s snapshot, being the most used dApp based on Ethereum. The exchange offers trades between ETH and other ERC-20 tokens.
This decentralized exchange allows users to freely transact their coins without depending on a third party. Centralized exchanges like Binance, Kraken, or Bithumb offer users the possibility to trade virtual currencies but increasing the chances of hack or theft.
Several cryptocurrency exchanges have been hacked in the last year. Decentralized platforms do not own virtual currencies, making it impossible for hackers to steal users’ funds.
ForkDelta is the second most used dApp based on Ethereum in the last 24 hours. It had 2,221 users and it has a similar functionality to the one of Idex.
This dApp offers trading of ETH and other ERC-20 tokens. The intention is to allow cryptocurrency traders to have a viable alternative to centralized exchanges. As Idex, ForkDelta is more secure and works in a very similar way.
It is important to mention that ForkDelta has a centralized order book.
In the third place of dApps by number of active users we have Bancor with 560 visitors in the last 24 hours.
According to Bancor’s director of communications, Nate Hindman, they have a significantly larger user base than what DappRadar shows, but he declined to give more detailed numbers.
Bancor allows users to exchange over 100 different ERC-20 tokens and also ETH. The exchange does not match buyers and sellers, instead Bancor’s protocol provides liquidity between ethereum-based assets by using smart tokens. According to the company, this creates a ‘built-in liquidity mechanism’ through smart contracts.
Bancor was able to raise over $150 million dollars in 2017 selling its BNT token.
CryptoKitties is also another important dApp built on Ethereum. It had 408 users in the last 24 hours. At the moment is the fourth most used dApp.
The game has been created by Axiom Zen, and had its peak at the end of the last year, the same as when virtual currencies exploded in the market reaching new all time highs.
The CryptoKitties’ platform allows users to buy and sell coloured cats for ETH. Each cat is unique and has its own features that make them more valuable. In December 2017, some cats have been sold for more than 250 ETH, which is quite impressive.
Since December, the number of users on the platform has fallen by around 97%. Not even the new ‘special edition’ cats promoted by Steph Curry was able to create more interest in the game. Maybe, in the future the situation reverses as soon as virtual currencies start to grow again.
The last most used dApp based on Ethereum had 236 users in the last 24 hours, and it is known as LocalEthereum.
The application facilitates trades of Ether between interested individuals, something similar to what LocalBitcoin does with Bitcoin. The dApp works via an escrow smart contract, that locks up the seller’s ether until the seller certifies that they have received the money from the buyer.
If there is a dispute, the smart contract defines who the arbitrator will be. Until now, it has been LocalEthereum, but in the future, other reputable parties could be involved. The arbitrator can decide to who it will give the ETH, whether to one individual or the other, but never to themselves.