EOS and TRON Dapps Crushing It When It Comes to On-Chain USD Volume, Latest Research Indicates

Siamak Masnavi

It seems that EOS and TRON are handily beating Ethereum when it comes to decentralized application (Dapp) adoption (as measured by on-chain USD volume), according to a report by Diar Research that was released on Monday (January 28th).

Findings of Diar Research

Here is what Volume 3, Issue 3 of Diar's weekly newsletter had to say about Dapp adottion amgonst the mahor on the three most active Dapp blockchains, Ethereum, EOS, and TRON:

  • In 2018, almost $13 billion (in total) was transacted on these three blockchains.
  • In the eight months since the launch of its mainnet, EOS "has taken over the reigns from Ethereum accounting for nearly 50% of US Dollar traded volume" on Dapps.
  • "As of January this year, to date, EOS Dapps are accounting for 55%, Tron 38% leaving Ethereum applications with a mere 6% of total on-chain USD volume."

Diar Report - 28 Jan 2019 - Fig 1.png

  • Most of the total on-chain USD volume is due to the popularity of decentralized gambling: "Of the $5.5Bn already transacted on EOS, 70% go towards gambling dapps. This number is over 95% for Tron."
  • Ethereum, however, sees only a tiny portion of this gambling action: "Gambling Dapps only account for a tiny 2% of total US Dollar transaction volume on Ethereum." The "overwhelming majority of trading went towards trading on DEX - and even that now faces a continuous adoption downfall."
  • "Ether on-chain transactions are however at an all-time high." 
  • " Financially driven projects such as Maker/Dai, Compound, dYdX, and Stablecoins have found sanctuary on the Ethereum blockchain."
  • "EOS has said to have earmarked $1Bn to incentivize developers to build on top of their platform," and "has gained over punters - a group that Ethereum developers haven't been able to attain."
  • "It's unlikely that this pose a long-term development threat, however, with major cryptocurrency institutions having backed financial projects already geared for Ethereum."

Findings of Dapp.com

Dapp.com's "2018 Dapp Market Report", which was released on January 15th, provided severl insights into Dapp usage on Ethereum, EOS, TRON, and STEEM. Here are a few of their most interesting findings:

  • "Betting has become the 'killer apps' on blockchain due to proven fairness. The booming betting dapp market was mainly contributed by EOS and TRON, the two high-speed DPoS blockchains built for decentralized apps."
  • "Overall, the dapp market is still driven by entertainment and gambling."
  • "Because of its first-mover advantage, Ethereum blockchain still dominates the market in regards to the number of dapps, wallets, and dapp users. But compared to other blockchains, it has less transaction amount."
  • "Ethereum is the only one of 4 blockchains in this report that needs gas fee for its transaction. The fact that users have to own ETH to start their experience with decentralized apps are also hindering the mass adoption for Ethereum dapps."
  • "TRON is the most ambitious in the dapp field, with a $2 billion Project Genesis launched in the second half of the year. In addition, it spends $100 million on TronArcade to promote its dapp ecosystem."

 

Featured Image Credit: Photo via Pexels.com. Chart from Diar newsletter.

Little-Known Cryptocurrency Pumps 500x in Four Days. Are Altcoins Back?

Colin Muller

Micro-cap altcoin Opyn yCurve Insurance (OCRV) saw a monstrous surge last week, evoking reminders from bygone eras of the cryptoasset industry.

chart.pngSource: Livecoinwatch

Between May 19 and May 23, cryptocurrency price trackers registered a price jump from $0.0055 to $2.84—or about 500x—on OCRV. The cryptocurrency appears to only be trading on the decentralized exchange Uniswap.

The unreal price fluctuation seems to have been caused by “shilling” of the coin on 4chan. OCRV itself is a token powering the Opyn platform’s DeFi insurance system.

Altcoins Return?

Such dramatic events in the altcoin space may be signalling strength in the alt market. Generally speaking, high levels of investment in altcoins signals increased risk-taking in the crypto markets, and is a sign of confidence.

rising altcoins -- still?BTC chart by TradingView

We have seen a general increase in altcoin market share since about September 2019, depicted above. This trend took a big hit in February and March of 2020, as the coronavirus spread around the globe and hit financial markets—including crypto markets.

In a general sense, the trend seems to have remained intact, consistently rising from 5 to 8% in the six months depicted. The flip side is Bitcoin's dominance, which if rising signals a reluctance for risk taking (and often a falling Bitcoin price). This had been consistently ebbing since last September, but now seems stuck in the mid-60s.

In a decimated global economy, nobody quite knows what to expect from the cryptoasset industry. With some hints of altcoin strength, though, the prospects remain interesting.

Featured Image Credit: Photo via Pixabay.com