According to Dapp.com’s new report, DApp market Q2 2020 depicts progress for most DApp networks, and Ethereum’s growth has been recorded to be the highest.
A report was published on Dapp.com on the state of DApps in Q2 2020. It provides a complete detail into the advancements that the DApp space has made since the first quarter of 2020.
Finance DApps surged the most by 67%
The market growth has surged with a transaction volume of DeFi DApps, having a substantial impact on the market. On June 21, DeFi DApps reached an all-time high transaction volume of approximately $608 million.
Finance DApps saw some of the highest use. Users transferred nearly $5 billion this quarter, which makes it a 67% jump from Q1 2020.
Ethereum performs the best in growth
Even though the number of new and active D Apps had dropped by 31% and 13%, respectively, the overall D App market summary showed that Ethereum performed the best. However, the total number of unique users has increased by 32%.
The number of active users has almost doubled by 97% in Q2 to over 1.25 million users.
DeFi’s contribution to DApp Growth
A lot of growth in D Apps is due to De Fi as it has been trending towards growth for the past 18 months. After the release of COMP, the average number of D App users on Ethereum have increased by 48%. Moreover, 97.5% of the Q2 D App volume on Ethereum was related to DeFi products and services.
Alongside De Fi, Ethereum’s on-chain metrics have also surged. This indicates that the network is leading to global economic independence. Many other projects have also released products related to De Fi such as Kyber Network, 0x, and Loopring.