Data Shows Ethereum (ETH) Continued to Dominate the Dapp Market in 2019
Ethereum’s (ETH) dominance in the decentralized application (dapp) market showed little sign of letting up last year.
According to a recent report by Binance subsidiary DappReview, the Ethereum network had the highest number of new dapps (668), active dapps (1,223) and users (1.82 million) and the highest transaction volume ($12.8 billion) in 2019.
Unsurprisingly, the largest dapp categories on the Ethereum network were gaming and decentralized finance with 46.5% and 20.9% of the total, respectively. The transaction volume of DeFi dapps (including trading) accounted for more than 90% of the total transaction volume in 2019.
While game-related dapp transactions were still relatively low, this metric is best tracked through the non-fungible token (NFT) market, which is growing rapidly on platforms like OpenSea. DappReview sees the Enjin (ENJ) platform and its ERC-1155 token standard as one of the major drivers for Ethereum-based NFTs moving forward.
“At present, these three major public chains have accounted for more than 98.65% share of the total transaction volume of the dapp market, forming the ‘Big Three’ in dapp space,” stated the DappReview team in the report.
The full DappReview report, which includes deeper dives into some of the newer blockchain networks that gained ground in 2019, can be read here.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.