In the first quarter of 2020, transaction volume for Ethereum-based DeFi projects grew 778% compared to the same period last year.
This was revealed in a recent DappReview analysis, which focused on the first quarter of this year.
2020 Q1 #Dapp Market Report is here!
Full report👇https: //t.co/uXfDuAOJ3t
– DappReview (@dapp_review) April 8, 2020
The analysis also reveals that the total transaction volume was $ 7.9 billion, across 13 different blockchains, an increase of 82.2% during the first quarter of 2019.
Of these, the top three protocols, Ethereum, TRON, and EOS, contributed over 99.1% of the total. But, as Ethereum grew, TRON and EOS decreased both in terms of number of users and volume of transactions.
This difference, combined with the huge growth of Ethereum-based projects, denotes a significant and important trend, probably with a migration of users from projects based on other blockchains to those based on Ethereum.
In other words, Ethereum is establishing itself as a true blockchain leader in this sector, perhaps also thanks to the success of some specific projects in the more strictly financial field.
For example, last year's most popular dApp category, casinos, recorded a significant 64.6% drop in volumes, so much so that the total number of active addresses also fell by 22.1%.
Despite this, the gaming and betting dApps, along with the exchanges, still have the highest number of active addresses.
Therefore, there appears to be a real change in trend, confirmed, for example, by the fact that there are 173 less active dApps on Ethereum than in the first quarter of last year.
However, those assets in the financial sector have more than doubled from 15 to 33, while exchanges remain at 72.
The most represented category on Ethereum continues to be that of games, with 180 dApps, 23% less. While those of online casinos have dropped 50%.
In this scenario, the significant increase in volumes is basically due to the success of platforms more specifically dedicated to financial services and trading, at the expense of those dedicated to gaming or betting, and this may have greatly favored Ethereum in instead of TRON, or EOS.
For example, the volume of transactions of financial dApps increased by 1,743% stratospheric, while that of exchanges increased 430%.
Overall, the Ethereum ecosystem is still quite diversified, with relatively consistent performance compared to other blockchains.