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.

Facebook's Libra Will 'Never Happen' Says JPMorgan CEO Jamie Dimon

Jamie Dimon, the CEO of one of the largest banks in the world, JP Morgan, has said Facebook’s proposed cryptocurrency Libra is a “neat idea” that will “never happen.”

The CEO of JPMorgan made his comments on the cryptocurrency during a conference by the Institute of International Finance in Washington, adding that we “already have stablecoins, so they’re not the first to do that.”

The Libra cryptocurrency is, according to Facebook, set to be backed by a basket of fiat currencies. The crypto’s backing would be of 50% the U.S. dollar and short-term U.S. Treasury bonds, 18% the euro, 11% the British pound, 14% the Japanese yen, and 7% the Singaporean dollar.

Dimon’s comments came shortly after some of the Libra Association’s initial members, including PayPal, Mastercard, Visa, and eBay, left the organization over the regulatory scrutiny they’ve been facing, as well as the currency’s potential to be used to launder money or finance terrorism.

David Marcus, the co-creator of the Libra cryptocurrency project, has revealed that instead of launching a “synthetic unit” the Libra Association could, instead, launch a “series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stablecoin, etc.” as it looks to work with regulators.

It’s worth noting JPMorgan became the first U.S. bank to launch its own cryptocurrency this year after it launched the USD-backed “JPM Coin.” Dimon himself is a well-known bitcoin critic who has in the past called the flagship cryptocurrency a fraud, even though he later on revealed he regretted the comment.

Featured image via Unsplash.