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Dapp Ecosystem: Q2 Flash Report

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DappRadar

Three months of data, in 3 minutes.

As we prepare our full 2020 Q2 dapp ecosystem report to be released on the 1st of July 2020. It is important to look at user activity across blockchains. We present a quickly digestible overview of the second quarter of 2020 in the context of daily active wallets.

  • Overall dapp ecosystem activity has grown by 22% when comparing Q1 to Q2 2020

Ethereum

  • Ethereum faced a 6% decline in daily dapp activity in Q2
  • This decrease in daily active wallets is due to high gas prices forcing a decline in games category activity
  • Games category activity decreased by 83% in Q2 when compared to Q1 (from 10k daily wallets to only 1.7k daily wallets)
  • Even though the games category declined in daily active wallets growth in the DeFi and DEX space picked up the slack Q2
  • DeFi has grown tremendously in Q2 by 233% when compared to Q1
  • Daily activity in the DeFi category has grown 564% YoY
  • DEX daily active wallets surged by 25% in Q2 compared to Q1 also showing 15% year-on-year growth
  • YoY daily active wallets on Ethereum have increased by 30%

TRON

  • Daily wallet activity on TRON increased by 26% when comparing Q1 to Q2
  • Overall wallet activity grew by 59% YoY
  • The TRON DeFi category daily active wallets have grown from 74 in Q1 to 506 Q2 an increase of 584%

EOS

  • EOS is experiencing a roller coaster ride with regards to daily active wallets but interestingly has increased in Q2 by 17% when compared to Q1
  • The increase in daily active wallets in Q2 is mainly due to the growing games category on EOS
  • Games daily active wallets surged by 33% in Q2 when compared to Q1 increasing by 22% YoY
  • EOS still faces a decline of 59% in daily active wallets YoY

The best of the rest:

  • Hive daily activity grew by 211% in Q2 if compared to Q1 mostly due to Spinterlands moving from Steem to Hive.
  • WAX daily active wallets have grown by 76% in Q2 reaching almost 5k daily active users mainly thanks to EarnBet
  • ThunderCore daily active wallets grew by 292% within just a few months reaching a 2.5k user base

The battle of Hive and Steem continues

It has been fascinating to observe daily active wallets within Hive and Steem as the protocols faced the cross movement of important dapps like Spinterlands.

As a result, we see that Hive wallet activity has grown by 211%, while Steem decreased by 27%.

What is causing wallet growth on WAX and ThunderCore?

Wax blockchain wallet activity grew by 76% in Q2 when compared to Q1 2020. Gambling dapp EarnBet is mainly responsible for this having contributed at least 2K daily active wallets to the growth of the WAX blockchain.

ThuderCore daily active wallet activity is being stimulated by a few gambling and games dapps. Serious Dice shows more than a 5000% increase in active wallets since its release and similar growth can be seen on dapp game Galaxy Blocks where an increase of 3000% in daily active wallets can be observed.

Conclusions

The reason behind Ethereums decrease is still high gas prices and a tremendous drop in games category activity.

On the other hand, DeFi and DEX seem to be compensating for the loss with record daily active wallet figures in 2020.

Regardless of the rise and fall in daily active wallets, TRON completes Q2 with increased daily activity. The majority is because of new high-risk dapps entering the blockchain.

EOS still seems to be recovering from the loss of users in the gambling category. On the other hand, we see growth mostly because of the Games and DEX category activity.

Gambling is the top category driving growth on WAX and ThundeCore right now. We will see in the near future how it will help these protocols to grow and even sustain users over the long term.

The full 2020 DappRadar Q2 Dapp Ecosystem Overview report will be available on Wednesday 1st July. For now, make sure to bookmark DappRadar.com and sign up for the newsletter to receive all the latest news!

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