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DApps on Etherum crosses 1M daily users
The top 10 DApps deployed on Etherum blockchain attracts over a million users daily, but the most of them are DeFi apps, says DappRadar.
Is DeFi the hottest trend now?
Though there are thousands of decentralized aplications built on top of the ethereum distributed ledger, DeFi based DApps seems to have more traction than any other apps. DeFi apps contribute to the 94% of 1,017,760 daily users of the top 10 DApps on etherum blockchain.
Based on data from DappRadar, six out of these ten apps belongs to the " DeFi and Exchange " category. Shockingly, to add upon, two out of those falls under High-Risk category. Rarible, a NFT (Non Fungible Token) and Axie Infinity (a gaming platform) also been appended to this list, contributing around 25,000 users out of a million.
Crypto.com, a Decentralized Finance platform alone constitutes for more than half of the daily traffic. Half a million daily users is a big deal and it leaves all its competition far behind. Uniswap (DEX) and Compound (crypto lending platform) succeeds Crypto.com with 276,000 and 141,000 users, respectively.
To conclude form the data, DeFi applications constitute over 952,920 daily users which is almost 94% of the total traffic over the last 30 days. This signifies that DeFi platforms are still the killer apps on Ethereum.
Undoubtedly, Decentralized Finance has taken over the traditional finance systems. These DeFi platforms gives the easiest and tangible way of using one's tokens. The main idea behind DeFi apps is to put your digital assets into work rather than making them sit idle in wallets. DeFi applications on Ethereum had a volume of 119.5 Billion USD, constituting 99% of the Ethereum's transaction volume in the Q3 of 2020. DeFi apps, now has plenty of users.