In brief
- DappRadar found Ethereum saw a 64% increase in active wallets in Q1 compared to the previous quarter.
- Competing protocols like TRON and EOS have not been so fortunate.
- Ethereum dapp smart contracts touched more than 80% of the value across all blockchains, accounting for 370% more value than Q4 2019.
The crypto market crash last month hasn’t stopped Ethereum’s momentum.
Despite a drop in activity on dapps following the March 12 crash, Ethereum had a strong first quarter of 2020, according to a report today from DappRadar.
The analytics firm’s 2020 Q1 Dapp Industry Review reported a 16% increase in daily active wallets interacting with Ethereum-based applications compared to the previous quarter, and a growth in dapp use of 64% compared to Q1 2019.
Unique active wallets interacting with DeFi apps increased 86% compared to the previous quarter, while wallets interacting with decentralized exchange apps were up 99%. Ethereum app smart contracts interacted with 81% of the total value across all blockchains in the first quarter, and had nearly 17,500 unique active wallets at the end of March.
But competing blockchains did not fare as well.
EOS, despite processing 13% of more than $6.7 billion of value touched by smart contracts across all blockchains in the first quarter, saw a 10% drop in dapp activity. What’s more, dapp activity on the EOS network is down more than 70% compared to the previous year.
DappRadar partly attributes the decrease to the EIDOS airdrop that caused weeks of EOS network congestion in November 2019. EOS unique active wallet activity also dropped across all app categories compared to Q4 2019.
TRON similarly experienced a drop-off in dapp activity. Despite an 18% increase in dapp usage in Q1 2020 compared to Q4 2019, activity on the TRON blockchain is down 15% compared to the previous year when TRON DeFi activity peaked.
DappRadar pointed out that much of the sequential activity increase for TRON came from gambling and high-risk applications that made up 88% of total activity during the first quarter. TRON accounted for 6% of total smart contract interacted value in Q1, and saw an 85% decrease in total interacted value compared to the previous year.
DappRadar noted that while unique wallet activity for Ethereum applications fell 10% in the wake of the March 12 crypto crash, value interacting with Ethereum app smart contracts was up more than 370% compared to the previous quarter.
Despite market uncertainty, the increase in value bodes well for the continued growth of dapps throughout 2020 and beyond.