Blockchain Dapp Industry Grows 639% in Q1 Year-over-Year

dapps booming active wallets
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458,000 daily unique active wallets across all chains

In the first quarter of 2021, the blockchain dapp industry has seen tremendous growth, seeing a 639% increase in active wallets across all blockchain platforms. According to the Dapp Industry Report Q1 2021 by DappRadar the industry reached 458,000 daily active wallets.

In 2020 the first three months had 62,000 daily active wallets, compared with more than 458,000 this year. It was Binance Smart Chain (BSC) that had the biggest contribution to this number, bringing in an average of 105,000 daily active wallets. Ethereum had an average of 75,000 active wallets per day, while Flow added another 53,000 on average.

According to the Dapp Industry Report, the first three months of 2021 are memorable because Binance Smart Chain has overtaken Ethereum. It’s within the line of expectations that the gap in active user wallets between Ethereum and Binance Smart Chain will widen further in favor of the latter.

Why BSC grows so much

Binance Smart Chain has seen tremendous growth in the DeFi sector. The blockchain allows users to swap tokens relatively cheaply, while several dapps offer appealing high APY. Even though yield farming doesn’t come without risks, the growing number of dapps does come hand-in-hand with increased interest from more retail users. 

The DeFi industry on Ethereum has clogged the blockchain, pushing gas fees for transactions through the roof. Swapping $100 in tokens regularly comes with a $50 fee, making trading for smaller fish basically impossible. 

Read the complete Dapp Industry Report: Q1 2021

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