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90% Of Transactions on Ethereum Are DEFI – Going To Cardano?

DeFi accounts for nearly 90% of Ethereum transactions

DeFi accounts for nearly 90% of Ethereum transactions
CONTENT

  • New DeFi Apps Grow 30x in 2020

  • According to DappRadar, the 10 most popular DeFi applications account for 87% of traffic on the Ethereum network.

  • Decentralized applications are based on distributed ledger technology

International consortium of news organizations developing transparency standards.

DeFi accounts for nearly 90% of Ethereum transactions

DappRadar.com reports that decentralized apps have skyrocketed in popularity this year

A new report on decentralized applications, or Dapps, contains statistics on the use of the Ethereum network. According to a report called the 2020 Dapp Industry Report, decentralized apps are rapidly gaining popularity. The report says that in 2020, “The top ten DeFi applications account for 87% of Ethereum’s transaction volume, or $ 223 billion.”.

DappRadar also noted that “95% of the growth in transaction volume is attributed to DeFi applications running on the Ethereum blockchain”: the DeFi realm Decentralized finance (DeFi) is a financial services built on blockchain technology that offers users access to an open, efficient and … More has driven the growth of decentralized apps in 2020. DeFi is now “the dominant sector in terms of key metrics such as TVL (Total Locked Value), AUW and Volume”.

Dapps and DeFi continue to grow

DeFi accounts for nearly 90% of Ethereum transactions

This year has been a good year for dapps and DeFi. At the beginning of the year, the total value locked up in DeFi decentralized apps was less than $ 1 billion. In less than 12 months, this figure jumped to $ 16.5 billion. Until 2020, there were only a few decentralized financial applications suitable for real use..

Most of them seemed very promising, but they were only used as a niche product. This began to change with the development of decentralized lending platforms such as Maker, Compound and Aave, as well as decentralized exchanges such as Uniswap..

Now, almost a year after DeFi came to the fore, the Dapps landscape has changed dramatically. The number of new DeFi applications has skyrocketed. In 2019, there were only eight new decentralized DeFi apps across the entire blockchain ecosystem. In 2020, 238 DeFi applications were created, 106 of them on the Ethereum network. Interestingly, the percentage of DeFi apps on the Ethereum blockchain hasn’t changed dramatically (50% Dapps on Etheruem in 2019 and 45% in 2020). However, the volume has grown significantly – almost 30 times compared to the previous year..

What is Decentralized Applications and Finance

Decentralization is one of the main principles of blockchain technology. This technology assumes distributed control of something (network, application, etc.) in comparison with individual (centralized) control and decision-making by one subject..

With decentralization, users and stakeholders influence the development of the network and the decisions made. Accordingly, decentralized applications are applications without a single point of control. Decentralized finance is a subsystem of decentralized applications that allow you to carry out financial transactions without a centralized platform.

The rise in popularity of decentralized DeFi applications comes amid continuing financial and economic uncertainties around the world. In many cases, users can generate much more profit with DeFi apps than with traditional financial apps..

Disclaimer

DeFi accounts for nearly 90% of Ethereum transactions

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