It seems that the Ethereum blockchain is not doing too badly. In fact, DeFi projects are growing by up to 800%!
A recent DappReview report claimed that Ethereum’s blockchain-based decentralized finance (DeFi) projects grew nearly 800% compared to the first quarter of 2019.
DeFi projects on the rise!
DappRadar, a popular analytics and data collection company, showed that the total value of transactions in decentralized applications (dApp) increased by 82.2% in a total of 12 different blockchains compared to the first quarter of 2019.
Of the 12 blockchains, three are the leaders: Ethereum, EOS and Tron. Together, the three networks represent 99.1% of dApp transactions, according to DappReview.
Ethereum is the winner of the year
However, DeFi projects based on Ethereum are the main drivers for the growth of the volume of the decentralized app ecosystem.
DeFi projects have grown by up to 800% in the past year. Overall, the transaction volume of dApps on an ETH basis was over $ 5.6 billion.
The report says that “The main growth was driven by DeFi projects, which have become the core of Ethereum growth with the highest transaction volume since 2019. It is worth noting that most of the DeFi project volume is in ERC-20 tokens (like WETH, DAI, USDC, etc.) and not in ETH“”
The report adds that ERC-20 tokens accounted for 84% of the total transaction volume, especially those used in crypto exchanges and financial applications.
According to the report, both Tron and EOS have lost users and lost transaction volume year after year.
“Only Ethereum saw growth, while TRON and EOS saw a decrease in their users and transaction volume,” the report said.
According to DappReview, the Tron blockchain was strongly represented, but the transaction volume in the network fell by around 73%. The increase from $ 1.7 billion to $ 411 million a year is undoubtedly a dramatic decrease.
The EOS state is pretty similar. Data shows that transactions declined 11% between the first quarters of 2019 and 2020.
Likewise, other important data recorded in the report is that casino or betting dapps fell 64.6%. Interesting information as this was the most popular category in last year’s report.