With each passing day, decentralized applications or Dapps become more important within the crypto world. Especially thanks to its increasing use within the decentralized finance (DeFi) sector for the granting of credits in cryptocurrencies. Thus, in the second quarter of the year 2020, the Dapps market has reached a record figure of 12 billion dollars in transactions. Of which, most are done through the Ethereum Blockchain.
Dapps in the crypto world
Over the years, Blockchain technology has been evolving thanks to the work of hundreds of developers around the world. Who have created dozens of cryptocurrencies with unique features and capabilities, which have greatly expanded the possibilities of blockchain.
Thus, and thanks to this boom in the development of Blockchain, revolutionary technologies have emerged that promise to transform the society in which we live. Among which two stand out, smart contracts or smart contracts, and decentralized applications.
Both technologies have reached the best expression of their development so far, within the Ethereum blockchain. Which was created specifically to allow users from all over the world to create their own smart contracts and Dapps through ERC-20 tokens. Opening the doors of the market to endless applications, ranging from crypto games to decentralized finance.
However, it was not until this second quarter of 2020, when the progress in the massification of Dapps worldwide has become evident. Well, although there were several predictions that announced that this would be the year of decentralized applications. They had been nothing more than a marginal tool, within a crypto world that focused its attention on currencies like Bitcoin.
Decentralized app market expands
A situation that seems to be starting to change, because 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. An increase of 4.5 billion dollars (37%) compared to the previous quarter.
Of the total transactions made in the Dapps market, 82% were executed within the Ethereum Blockchain. With the Compound decentralized finance app moving $ 1.2 billion on its own.
This is in contrast to the downturn in the activity of Ethereum-based crypto games. Which experienced an 80% drop in their transactions, due to the increase in commissions within the ETH chain.
For its part, another of the cryptocurrencies dedicated to the Dapps market that would also be experiencing a boom is Tron. Thus, Justin Sun’s cryptocurrency 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 like Oikos.cash. The Tron version of Compound that allows users to borrow on the blockchain.
These figures not only demonstrate the importance of the Dapps market for the crypto world. As these applications are adopted by more and more people. But the weight of cryptocurrencies such as Ethereum, and to a lesser extent Tron, in the development of Blockchain technology capabilities.