According to the report, dapps built on six blockchain platforms, Ethereum (ETH), EOS (EOS), TRON (TRX), Steem (STEEM), TomoChain (TOMO), and IOST (IOST), saw a total of $2.03 billion in transactions in Q3. This represents a nearly 40% drop from Q2.
Additionally, dapp activity across all blockchains saw a similar drop, with only 36% of users from Q2 returning in Q3.
While numbers are clearly trending down, perhaps due to a combination of broader market trends and seasonality, the report does indicate that one segment of the decentralized application market has continued to grow: DeFi (decentralized finance).
DeFi dapps saw major gains in Q3, with over $525 million transacted in the quarter. Notably, Ethereum DeFi apps contributed over 88% of this transaction volume, helping DeFi become the second-largest dapp category by volume behind gambling and the category with the most actual users.
Intriguing, DeFi apps also made up 58% of all volume on Ethereum dapps in the quarter and the blockchain saw the largest-ever quarterly user growth in Q3, with over 310,000 new dapp users. The leading DeFi dapps on Ethereum over the period include MakerDAO (MKR) and Nest.
“Ethereum dapp performance was very steady compared to the other blockchains,” states the report. “The stats of active users, the number of transactions, and volume in Q3 didn’t have many changes compared to Q2.”
This report comes several weeks after Dapp.com closed a $1 million investment round led by Hashed, a Korean blockchain accelerator and investment fund. Dapp.com also recently launched its own platform token, DAPPT, an ERC-20 token designed to provide an incentive mechanism to dapp users to increase accessibility. DAPPT is currently available on KuCoin and several other exchanges.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.