Improved Engagement With Ethereum Shows Popularity of DeFi

From the moment it hit the market, Ethereum was a crowd favorite, quickly gaining traction amongst those who saw its potential and far exceeding expectations as it became not only one of the top cryptocurrencies but the tap platform for app development as well.

Date: 
March 18, 2020
Read time: 
2 minutes

Improved Engagement With Ethereum Shows Popularity of DeFi

Author: Dylan B
Date: 
March 18, 2020
Read time: 
2 minutes

From the moment it hit the market, Ethereum was a crowd favorite, quickly gaining traction amongst those who saw its potential and far exceeding expectations as it became not only one of the top cryptocurrencies but the tap platform for app development as well.

From the moment it hit the market, Ethereum was a crowd favorite, quickly gaining traction amongst those who saw its potential and far exceeding expectations as it became not only one of the top cryptocurrencies but the tap platform for app development as well.

As a result of this massive growth, Ethereum also reached a massive amount of $1.9 billion amount stored in decentralized apps by February of 2020.

While Ethereum has solidified its place within the crypto industry, the last year has proven extremely successful for decentralized applications (dapps) as users interested in decentralized finance (DeFi) have begun using more and more of these solutions. 

According to a report released by DappRadar, Ethereum has been performing extremely well according to its year-on-year review, which reports that it has increased 104 percent in daily activity, which coincides with the overall success of DeFi, which has increased 294 percent in terms of daily activity in its year-on-year review as well.

As a result of this massive growth, Ethereum also reached a massive amount of $1.9 billion amount stored in decentralized apps by February of 2020, which shows that users are not only engaging more with decentralized apps but actively using them to trade or store their crypto. This growth was also extended to decentralized apps that were not involved in finance, such as games or marketplaces, which boasted a 114 percent increase over the course of a year. 

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While DeFi is a clear winner, the interesting news is that Ethereum seems to be the one growing most in the industry. Competitors such as Tron and EOS have both experienced a decline in activity and use over the year, with EOS showing an 80 percent decrease in daily activity and Tron only showing an 18 percent increase in daily users over the year. This loss of interest is also reflective in their current market cap rankings, which have dropped over time as well. 

Despite some of the current setbacks experienced in the crypto market, these stats are certainly encouraging as both Ethereum and the DeFi industry continue to move forward. 

Posted by Dylan B

Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.

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