DApp Ecosystem Report: Ethereum transaction volume exceeded $47 billion in October

Original article: DappRadar

Translator: Yu Shunsui, Odaily Planet Daily

On November 5, DappRadar released the DApp ecosystem report for October 2020.

According to the report, Ethereum transaction volume exceeded $47 billion in October 2020.

The October 2020 overview report on the DApp ecosystem covers a total of seven blockchains. It includes not only the three major DApp blockchains—Ethereum, TRON, and EOS—but also Steem, Hive, Binance Smart Chain (BSC), and WAX. The report will analyze daily active wallets, total locked value, transaction volume, and price changes of native protocol tokens.

Note: The DeFi ecosystem refers to decentralized finance (DeFi) and decentralized exchanges (DEX) DApps.

Report highlights:

• The number of daily active Ethereum wallets increased by 14% in October;

• Ethereum transaction volume exceeded $47 billion in October.

• 99% of Ethereum transaction volume comes from the DeFi ecosystem.

• TRON and EOS both saw declines in native token value, daily active wallets, and transaction volume.

• The best performing blockchain among the remaining ones is Binance Smart Chain (BSC), with 10,000 daily active wallets and $1.2 billion in transaction volume.

Ethereum

DeFi remains a major contributor

Ethereum remains the most important protocol in 2020. Although the Ethereum Gas price has declined in October, it is still at a high level. However, it has hardly affected the performance of the main indicators in October.

The number of daily active wallets increased by 341% year-on-year and 14% month-on-month. The largest contributor is still the DeFi ecosystem DApp, accounting for 83% of the total number of daily active wallets. Games and Marketplaces were the second and third largest categories in October.

On the other hand, trading volumes did not reach September levels as Yield Farming has cooled down. Ethereum’s trading volume exceeded $47 billion in October, 99% of which belonged to the DeFi ecosystem.

The total value locked in the DeFi ecosystem is relatively stable. No major changes occurred in October. TVL (total value locked) and aTVL (adjusted total value locked) increased by 5% and 4% respectively.

The price of Ethereum tokens has also been on a roller coaster ride recently. At the end of October, the price of ETH exceeded $400. Although this is not the highest value in 2020, it has increased by more than 6% compared to the end of September.

The number of daily active wallets in the Games and Marketplace categories increased by 126% and 39% respectively

On average, the number of daily active wallets increased by 14% month-on-month in October. The largest contributor to the total number of daily active wallets was the DeFi ecosystem DApps. The largest growth occurred in the DApp Games and Marketplace categories. The number of daily active wallets increased by 126% and 39% respectively.

The largest contributor to the Games category is Axie Infinity, which accounts for 48% of the total daily active wallets. Rarible and Axie Marketplace are the two largest contributors in the Marketplace category. On average, these DApps had approximately 1,100 and 700 daily active wallets respectively in October.

The number of daily active wallets in the DeFi ecosystem DApps increased by 6%. The biggest drivers were Compound and Uniswap.

Total locked value exceeds $10 billion

According to the DappRadar DeFi page, the total value locked remained stable in October. The largest portion of the total value still belongs to Uniswap, with a total value locked of $2.8 billion as of the end of October.

MakerDao and Compound maintain their second and third positions, respectively. MakerDao has $1.8 billion locked, while Compound has over $1 billion locked.

Trading volume exceeds $47 billion

Trading volume in October fell 38% compared to September. Total trading volume exceeded $47 billion. The DeFi ecosystem accounted for 99% of total trading volume.

In terms of transaction volume, high-risk DApps surged to $160 million. HEX and Forsage were the driving forces behind the growth. Both accounted for more than 56% of the transaction volume in the high-risk category.

The Marketplace category saw transaction volumes of approximately $9 million, while the Games category saw transaction volumes of $3.4 million.

TRON

A downward trend in October

In October, the TRON protocol did not perform as well as expected. Although the release of version 4.0 in July and the attempt to create a DeFi ecosystem looked promising in the third quarter of 2020, in October, almost all indicators fell.

The price of Tron’s native token TRX reached a peak of $0.034 in September, but fell to $0.025 in October.

The number of daily active wallets decreased by 12%.

The total number of daily active wallets fell 12% in October. However, as shown in the chart below, it is clear that the largest daily activity comes from the high-risk category.

Activity in October also came mainly from the high-risk category, with more than 140,000 daily active unique wallets, a 10% increase from September.

The DApps behind this huge growth are TRONCHAIN ​​and TRON2GET. These two DApps generated at least 15,000 daily active wallets each in October.

In October, the DeFi ecosystem on TRON proved to be highly risky. In October, ShartTron and SharkDeFi fell into this category. The data of these DApps surged and then disappeared within two weeks. This case proved that TRON's DeFi ecosystem is very experimental and risky.

On the other hand, JustSwap performed steadily with 2,500 daily active wallets.

Trading volume down 40%

TRON's transaction volume in October 2020 was $750 million. As shown in the figure below, compared with September, the transaction volume decreased by 40%; but increased by 293% year-on-year.

The main contributors in October included the following categories: High Risk, Gambling, and DeFi Ecosystem. The largest DApps were JustSwap, WINk, and TRONCAMP, with total transaction volumes of $128 million, $66 million, and $65 million, respectively.

EOS

Daily active wallets and transaction volume decline

EOS activity has increased since May, both in terms of transaction volume and daily active wallets. However, as of the end of October, daily active wallets were down 4%.

The price of the EOS native token also fell by 4%, reaching $2.51 at the end of October.

Declining activity in the DeFi ecosystem

As shown in the chart below, the number of daily active wallets fell by 4% in October.

Compared to September, the DeFi ecosystem, collectibles, and gambling categories dropped by 15%, 80%, and 19%, respectively. The DApps that showed a decrease in the number of active wallets were Newdex in the DeFi ecosystem and Felix & Dice in the gambling category.

On the other hand, the Games and Marketplace categories saw a slight decrease of 1% compared to September.

The EOS social DApp category grew 9% compared to September. The largest contributing DApp in October was Yup, with more than 7,000 unique wallets.

Trading volume fell 26% in October

EOS had a transaction volume of $1.3 billion in October 2020. As shown in the figure below, the transaction volume decreased by 26% compared to September; but increased by 1242% year-on-year.

The main contributors in October came from the Gambling and DeFi ecosystem categories. The largest DApps were Newdex, DeFis Network, Defibox, and EOSPLAY, with total transaction volumes of $864 million, $128 million, $87 million, and $85 million, respectively. These DApps accounted for 83% of the total transaction volume.

The best among other blockchains

Binance Smart Chain (BSC), Hive, Steem, and WAX

Binance Smart Chain (BSC) was launched in September. Since then, the number of daily active wallets has exploded, exceeding 10,000 wallets by the end of October. However, compared with September, the number of daily active wallets in October fell by 8%; the total transaction volume has exceeded US$1.2 billion.

The DApps that have contributed to the growth of BSC are PancakeSwap and Cross Finance, which belong to the DeFi category. BSC DeFi DApps may become a major competitor to the Ethereum DeFi ecosystem.

Next is the Hive protocol. Hive’s daily active wallet count remained stable throughout the month, but did drop 3% in October. The DApp that helped Hive perform well was Splinterlands.

The third one is WAX Protocol, which has performed well since July, with a slight decrease of 10% in the number of daily active wallets by the end of October. However, the best performing DApps are EarnBet, PROSPECTORS and GoPepe.

Last but not least is the Steem protocol. The number of active wallets has been declining due to the migration of some DApps to Hive, with the protocol’s daily active wallets falling by 10% in October.

in conclusion

After a surprising September, all blockchains tracked by the report showed a downward trend in October.

Ethereum transaction volume in October fell 38% compared to September. However, daily active wallet activity increased 14% in October. The biggest contributor was the DeFi ecosystem DApp.

EOS and TRON saw a decline in transaction volume and daily active wallet activity in October.

TRON’s DeFi DApps have proven to be risky. SharkTron and SharkDeFi launched in September and saw spikes in both transaction volume and daily active wallets, but they disappeared after a few weeks.

The best performing of the remaining blockchains is BSC, and we predict that in the coming weeks and months, Binance Smart Chain may provide tough competition to Ethereum in terms of the developing DeFi ecosystem.

At one point, the BSC protocol had over 10,000 daily active wallets, with DApps like PancakeSwap and Cross Finance driving growth.