Learn more about the metrics used by DappRadar.
This metric is an alternative way of gauging the performance and the general health of the dapp ecosystem. Although it is hard to standardize this metric because a large percentage of dapps are inactive, generating low interactions, transaction volume is a reliable measure for measuring popularity. That’s not forgetting that it is prone to manipulation.
Wink popped up but is the tenth most active dapp by transaction volume behind MakerDAO (at time of writing) and two exchanges, Newdex operating from the EOS blockchain, and Oasis Trade, a new Ethereum based cryptocurrency exchange.
The only shining light despite transaction volumes dropping by 40% to $2.03 billion in Q3 2019 is the rise of DeFi products ran mainly from Ethereum, revealing how dapps, though in the early stage of use, will play a vital role in the push towards mainstream adoption. In 2019, $545 million went into DeFi, and 88% of these funds passed through Ethereum, explaining why Ethereum dapps are popular and rank higher in transaction volumes.
With DeFi, the important role played by Ethereum was further highlighted when it was revealed that billions of transaction volumes had not been captured as previous data suggested.
Because of this, DappRadar now ranks Ethereum dapps based on the total volumes of ERC-20 tokens interacting with its smart contract. This has greatly improved transparency, painting an improved picture of the true state of the market.