Correction: According to Dappradar, a tracking error skewed these results and, in fact, the total daily users was only around 500,000, half as many as originally reported. We have updated the article to reflect this.
The top 10 decentralized applications (dapps) on the Ethereum blockchain have reached 500,000 daily active users on average over the past month, according to DappRadar’s report published today. Unsurprisingly, decentralized finance (DeFi) platforms accounted for over 94% of this activity.
Per the report, six out of the top 10 Ethereum dapps are from the “DeFi & Exchange” category and two are from “High-Risk.” Still, one non-fungible token (NFT) marketplace (Rarible) and one game (Axie Infinity) app also made their way into the top 10, although they accounted for only around 25,000 active daily users out of a million.
Among the top 3 dapps, decentralized exchange Uniswap and crypto lending platform Compound are responsible for 276,000 and 141,000 daily active users, respectively.
In total, DeFi and exchange dapps attracted over 94%—or 952,920—of the daily active users over the last 30 days, the report noted. Simultaneously, excluding the first three positions, the dapps that took the places from fourth to tenth have between 10,000 and 30,000 daily users, signifying that DeFi platforms are still Ethereum’s main “killer apps.”
DeFi: The Ultimate Beginner's Guide to Decentralized Finance
Decentralized finance, or DeFi, sits at the white-hot center of the recent crypto bull run. DeFi is crypto’s big thing at the moment, a little like how Initial Coin Offerings (ICOs) were all the rage back in 2017. Back in June 2020, just $1 billion was locked up in DeFi protocols, according to metrics site DeFi Pulse. By January 2020, "DeFi degens" had poured over $20 billion worth of cryptocurrencies into DeFi smart contracts. What is DeFi? So what is this powerful, wild beast known as DeFi?...
“The interest and useability of DeFi features to retail users have become clearer and it can be argued that Ethereum finally has the killer dapps to gives (sic) users new and old a tangible way to utilize their tokens,” the researchers concluded.
As Decrypt reported, Ethereum’s DeFi applications amounted to 99% of the blockchain’s transaction volume in the third quarter of 2020, skyrocketing to $119.5 billion. Now there are plenty of users too.
