DappRadar 2020 Q3 report: Total Dapps transaction volumes reached $125 Billion in Q3 2020

According to the DappRadar 2020 Q3 report, the total Dapps transaction volume reached $ 125 billion in Q3 2020, $ 113 billion higher than Q2 2020. From these volumes, the Ethereum Blockchain has accounted for either 96% or $ 119.5 billion total value created for the DeFi ecosystem. However, the report also pointed out that the EOS and Tron Blockchain already accounted for 60% of the activity.

Ethereum transaction volume skyrocketed to $ 119.5 billion in the Dapps 2020 Q3 report

In particular, Ethereum achieved this feat amid constant concerns about the high fees of the network; at peak moments, transaction costs were more than 400 Gwei.

In terms of overview, the report emphasizes:

“The Ethereum network has experienced enormous attention recently due to an explosion within the DeFi and DEX dapps categories. Governance tokens, together with yield farming, created the hype that drove the network. By no surprise, Ethereum grew in almost all metrics.”

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ETH remains volatile, just like other cryptocurrencies.

Dappradar explains:

“We have witnessed the price of ETH reaching more than $ 470 at the beginning of September and only to suddenly collapse to $ 310 and is now around $ 350.”

The number of daily WL active wallets on Ethereum increased by 154% compared to Q2 2020, and as expected, the DeFi and DEX categories grew from 12,800 daily active wallets to 50,200 in Q3 2020. With the growth of around 1,519% year-on-year and around 300% quarter-on-quarter, DeFi became the largest ecosystem in Ethereum, holding 90% of total daily active wallets.

Meanwhile, the report concludes that 2020 has been a notable year for Blockchain Tron after both daily wallets and transaction volumes skyrocketed to all-time highs. The performance of blockchain is attributed to the launch of Tron 4.0 as well as the protocol’s entry into the DeFi space, which has grown further in Q3 2020.

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Analyzing the performance of the Tron network, the Dappradar report states:

“The number of DeFi ecosystem dapps exploded during Q3 2020. There were three DeFi dapps available on TRON back in Q2 2002. By the end of Q3, the total number of dapps submitted to DappRadar increased to 27.”

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However, highlighting the dominance of the Tron network by high-risk dapps.

The report noted:

“There were 645 dapps submitted to DappRadar in this category to date, and from the total of 695, 225 are gambling dapps while 422 are high-risk dapps.”

Meanwhile, with the Defi fever continuing, there is much hope that Q4 can continue this growth. However, more and more scams in the space are likely to slow down future growth.

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