In the first quarter of 2020, the transaction volume for DeFi projects based on Ethereum grew by 778% compared to the same period last year.
This was revealed in a recent analysis by DappReview, which focused on the first quarter of this year.
2020 Q1 #Dapp Market Report is here!
— DappReview (@dapp_review) April 8, 2020
The analysis also reveals that the total transaction volume was $7.9 billion, across 13 different blockchains, an 82.2% increase over the first quarter of 2019.
Of these, the three main protocols, Ethereum, TRON and EOS, contributed more than 99.1% of the total. But, while Ethereum grew, TRON and EOS decreased both in terms of number of users and transaction volume.
This difference, combined with the huge growth of Ethereum-based projects, denotes a significant and important trend, probably with a migration of users from projects based on other blockchains to those based on Ethereum.
In other words, Ethereum is establishing itself as a real blockchain leader in this sector, perhaps also thanks to the success of some specific projects in the more strictly financial field.
For instance, last year’s most popular dApp category, casinos, registered a significant 64.6% drop in volumes, so much so that the total number of active addresses also fell by 22.1%.
Despite this, gaming and betting dApps, along with exchanges, remain the ones with the highest number of active addresses.
Therefore, there seems to be a real change in the trend, confirmed for example by the fact that there are 173 fewer active dApps on Ethereum than in the first quarter of last year.
However, those active in the financial sector have more than doubled from 15 to 33, whereas exchanges are still 72.
The most represented category on Ethereum is still that of gaming, with 180 dApps, down by 23%. While those of online casinos have fallen by 50%.
In this scenario, the significant increase in volumes is basically due to the success of the platforms more specifically dedicated to financial services, and trading, at the expense of those dedicated to games or betting, and this may have greatly favoured Ethereum over TRON, or EOS.
For example, the transaction volume of financial dApps increased by a stratospheric 1.743%, while that of exchanges increased by 430%.
Overall, the Ethereum ecosystem remains quite diversified, with relatively constant performance compared to other blockchains.