Recently, dAppRadar added support for EOS dApps, and users have found that EOS dApps are catching up with ETH. Previously only for Ethereum dApps, dAppRadar allows users to see which blockchain has more activity, consolidating dApp (decentralized application) usage statistics into one easy-to-read site. Since dApps are operated on public blockchains, anyone can see how much activity is happening on each application.
dAppRadar takes the guesswork out of the statistics and puts the data together in a nice, digestible format. Analysts have recently found that an EOS DEX (decentralized exchange), NewDEX, has more daily volume than all of the ETH DEX’s combined. The statistcs are shown below.
Below are the top four decentralized exchanges on Ethereum. In total, they traded 11,968.51 ETH over the past 24 hours - which according to CryptoCompare data means all ETH DEX’s had $2.5M in 24-hour volume.
Now let’s compare this statistic to EOS. The most popular DEX on EOS is Newdex, with a 24-hour volume of 515,883.12 EOS. EOS currently trades at $5.55, so that’s $2.9M of volume.
New Kid On The Blockchain
The dominance of Newdex could be concerning for ETH supporters. ETH has been around much longer than EOS, and already, EOS’ dApps are outperforming ETH. What’s also interesting is that between Bancor and and 0x (ZRX), there’s been a massive amount of funding behind ETH DEX’s. ZRX, a token for DEX infrastructure, is so popular that it is now listed on Coinbase.
What's more - Bancor - the number 4 ETH DEX, is currently working on cloning their DEX to run on EOS as well. Also coming soon is EOSFinex, a decentralized exchange built by EOS and Bitfinex.
This decline in ETH dApps and growth of EOS dApps could make investors wonder if ETH will be “flipped” by EOS. ETH has recently been struggling with scaling issues, and as time goes on, EOS (with its zero fee transactions) is capturing market share. This DEX example is just the first. In the future, we could see many more dApps transitioning from ETH to EOS.