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Ethereum DeFi activity up 527% YoY and 801% in USD value

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Ethereum April 2020 Flash Report

Given it’s the most popular and valuable dapp ecosystem, and the one in which DeFi dapps are particularly important, how users of Ethereum dapps reacted to the Covid-19 shock was always going to be the key trend during April 2020.

The shock of the Covid-19 asset sell-off of 12 March 2020, and its impact on the stability of certain DeFi dapps has remained a burden on the Ethereum dapp ecosystem.

Activity across Ethereum dapps rose 19% to an average of 22,285 daily active unique wallets.

Daily activity was up 7% in April compared to March 2020, also up 61% compared to April 2019. This increase was mainly driven by activity in two categories – exchanges (up 11% compared to March 2020) and high-risk gambling dapps (up 54%).

In USD value terms, the biggest change was the hit to Ethereum DeFi and exchange dapp categories. Combined, they saw a 52% drop in value transacted compared to March 2020. This was a result of uncertainty arising from Covid-19.

Yet, total daily activity across all Ethereum dapps has quickly rebounded, from a low of under 17,000 daily active unique wallets in late March to a high of over 23,000 towards the end of April.

High risk, high value

The biggest new dapp during April 2020 was Ethereum high-risk dapp HEX, which attracted $29 million worth of value from an average of 1,433 daily active unique wallets.

As a category, gambling and high-risk dapps increased their total value in April by 34%, generating a total spend from users during April of $58 million.

Gaming and marketplaces continued to be the most popular dapp category on Ethereum in April, with a daily average of 7,935 daily active unique wallets across all dapps, down 14% compared to March 2020. 

Daily activity through exchange protocols such as Uniswap and Kyber rose to an average of 4,219 daily active unique wallets in April compared to March. 

Ethereum DeFi fights back

The DeFi category remains the most valuable on Ethereum, with a daily average of $21 million of value interacting with dapps, down 58% month-on-month. The total of daily active unique wallets across all DeFi dapps dropped 18% to an average of 1,757 daily across the month. 

It will be interesting to see how confidence around Ethereum dapps changes in future months, both as the world starts to recover from COVID-19, the DeFi category continues to evolve, and structural improvements such as Ethereum 2.0 launch. 

You can read the full April dapp ecosystem report covering ETH, TRON, and EOS here.

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