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Dapp Ecosystem: Q1 Flash Report

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DappRadar

Three months of data, in 3 minutes.

As we prepare our full 2020 Q1 dapp ecosystem report we want to present a quickly digestible overview of the dapp ecosystem during the first quarter of 2020.

  • Ethereum is up 64% YoY in Daily Active Unique wallets and up 371% in terms of USD value
  • TRON is holding the highest number of daily active wallets during 2020 Q1, 15% growth year-on-year, with value down 85%
  • EOS continuously decreasing, daily activity across all EOS dapps was down 74%, with value down 7%
  • WAX is the leader in the other protocols race holding 44% of total daily active wallets

Main blockchains split by category

Ethereum: DeFi dapps were up 86% in terms of daily active unique wallets (on a trailing 30-day average) and exchanges up 99%. Games and marketplaces – the largest category by absolute user numbers – rose by 2% while gambling and high-risk activity was down 12% compared to Q4 2019. 

Tron: During Q1 2020, it accounted for 88% of daily activity, with exchanges taking a 7% share, and games and marketplaces 5%.

Eos: All the key dapp categories on EOS decreased in Q1. Games and marketplaces remain the largest by far, but experienced a 10% drop.

Newsletter

The Top Three

When considering daily activity we observe TRON in first place, Ethereum in second and EOS falling further behind in Q1 2020.

The best of the rest

Looking at the other eight blockchains tracked by DappRadar WAX is leading the pack in regards to daily activity. Holding 44% of total daily active wallets and gaining ground on EOS.

Ethereum price impact

Now we look at the Ethereum price in correlation to the daily user activity of the top 5 DeFi applications. Interestingly, usage spikes were witnessed during the market crash occurring on the 12th March 2020 and in the immediate days afterward.

  • MakerDAO experienced an all-time high of 1,458 active unique wallets
  • Synthetix had its third-busiest ever day with 915 active unique wallets
  • Compound had its second-busiest day in 2020 with 630 active unique wallets
  • dYdX hit an all-time high with 596 active unique wallets
  • Fulcrum experienced its fourth-ever highest peak with 206 active unique wallets

Synthetix

Synthetix has experienced a very high level of volatility in terms of its daily activity levels (and SNX price). These have boosted its ranking. Making it the second most popular DeFi application during 2020 in terms of trailing 30-day average.

The full 2020 DappRadar Q1 Dapp Ecosystem Overview report will be available on Tuesday 14th April. For now, make sure to bookmark DappRadar.com and sign up to the newsletter to receive all the latest news!

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