It seems that the Ethereum Blockchain is not doing so badly. In fact, DeFi projects grow up to 800%!
A recent report by DappReview claimed Ethereum’s Blockchain-based Decentralized Finance (DeFi) projects have increased nearly 800% compared to the first quarter of 2019.
DeFi projects on the rise!
DappRadar, a popular analytics and data acquisition firm, showed that, compared to the first quarter of 2019, the total value of transactions made in decentralized applications (dApp) grew by 82.2% in a total of 12 different Blockchains .
Of the 12 Blockchains, three are the leaders: Ethereum, EOS, and Tron. Together, the three networks represent 99.1% of dApp transactions according to data from DappReview.
Ethereum is the winner of the year
However, Ethereum-based DeFi projects are the main drivers of growth in the volume of the decentralized app ecosystem.
This is how DeFi projects grow up to 800% in the last year. So overall, ETH-based dApps transaction volume exceeded $ 5.6 billion USD.
The report states that “The main growth was driven by DeFi projects that have become the essence of Ethereum growth since 2019, with the highest volume of transactions. It’s worth noting that the majority of DeFi’s project volume is in ERC-20 tokens (like WETH, DAI, USDC, etc.), rather than ETH“
So the report adds that ERC-20 tokens made up 84% of the total transaction volume, specifically those that are used in crypto exchanges and financial applications.
While, according to the report, both Tron and EOS lost users and have lost volume of transactions years after years.
“Only Ethereum experienced growth, while TRON and EOS suffered reductions in their users and in volume of transactions,” the report said.
According to DappReview, the Tron Blockchain has had a considerable presence, however, the volume of transactions on the network fell approximately 73%. Going from $ 1.7 billion to $ 411 million in a year is without a doubt a dramatic drop.
The EOS condition is quite similar. Data shows that transactions fell 11% between the first quarters of 2019 and 2020.
Likewise, other important data captured in the report is that casino or bet dapps fell by 64.6%. Interesting information given that in last year’s report this was the most popular category.