With every passing day, decentralized applications or Dapps become more important within the crypto world. Especially due to their increasing use within the decentralized finance sector (DeFi) for the granting of credit in crypto-currencies. In the second quarter of 2020, the Dapps market reached a record high of $12 billion in transactions. Most of these transactions are made through the Ethereum Blockchain.
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Dapps in the crypt world
Over the years, Blockchain technology has evolved thanks to the work of hundreds of developers around the world. Who have created dozens of crypto currencies with unique features and capabilities, which have significantly expanded the possibilities of the blockchain.
Thus, and thanks to this boom in the development of the Blockchain, revolutionary technologies have emerged that promise to transform the society in which we live. Among which two stand out, the smart contracts and the decentralized applications.
Both technologies have reached the best expression of their development so far, within the Ethereum blockchain. It was created specifically to allow users around the world to create their own smart contracts and Dapps through ERC-20 tokens. Opening the market to a multitude of applications, ranging from crypto games to decentralized finance.
However, it has not been until this second quarter of 2020 that the progress in the massification of Dapps worldwide has become evident. For, although there were several predictions that announced that this would be the year of decentralized applications. These had been only a marginal tool, within a crypto world that focused its attention on currencies like Bitcoin.
2020 will be the year of dApps
Decentralized application market expands
A situation that seems to be starting to change, as announced by DappRadar through its Twitter account. In this second quarter of the year, the volume of transactions carried out in the Dapps market has reached a record figure of 12 billion dollars. This was an increase of $4.5 billion (37%) from the previous quarter.
Of the total transactions in the Dapps market, 82% were executed within the Ethereum Blockchain. With the decentralized finance application Compound moving by itself 1.2 billion dollars.
This contrasts with the drop in activity of Ethereum-based crypto games. They experienced an 80% drop in their transactions, due to the increase in commissions within the Bitcoin Loophole chain.
On the other hand, another of the crypto currencies dedicated to the Dapps market that would also be experiencing a boom is Tron. Thus, Justin Sun’s crypto-currency saw a quarterly increase of 7.210%, in transactions related to decentralized applications.
An increase essentially driven, as in the case of Ethereum, by a DeFi application such as Oikos.cash. The Tron version of Compound that allows users to borrow in the block chain.