{"id":136320,"date":"2020-12-18T07:43:22","date_gmt":"2020-12-18T04:43:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/defi-boom-drives-1200-increase-in-dapp-volume-in-2020-report\/"},"modified":"2020-12-18T07:43:22","modified_gmt":"2020-12-18T04:43:22","slug":"defi-boom-drives-1200-increase-in-dapp-volume-in-2020-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/defi-boom-drives-1200-increase-in-dapp-volume-in-2020-report\/","title":{"rendered":"# DeFi boom drives 1200% increase in DApp volume in 2020: Report"},"content":{"rendered":"<p>&#8220;<strong># DeFi boom drives 1200% increase in D<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a> volume in 2020: Report <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjAtMTIvMjRmMDBlMWUtZjI1Zi00NzQ4LWJlNmEtYWI3OTlhNzYwMWViLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>DApp transaction volume has topped $270 billion so far in 2020, with 95% of this figure belonging to Ethereum\u2019s DeFi ecosystem, according to DappRadar. That\u2019s an astonishing 1178% increase from last year\u2019s total of $21 billion.<\/p>\n<p>The blockchain data provider revealed the figures in its annual <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dappradar.com\/blog\/2020-dapp-industry-report\">DApp Industry Report <\/a>today, summarizing the highlights and failures of a record-breaking year for DApp-based economics. <\/p>\n<p>The report noted that money has been flowing from BTC to ETH throughout the year, resulting in a rise in the price of ETH, from 0.018 BTC on Jan 1. 2020 to its current price of 0.028 BTC. <\/p>\n<p>DappRadar speculates that attractive yields in DeFi were the \u201cmain trigger of Bitcoin flowing to Ethereum,\u201d with Wrapped Bitcoin (wBTC) and RenVM\u2019s renBTC playing crucial roles in tapping Bitcoin\u2019s vast reserves of liquidity for DApps.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">2020 was a record year for the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/blockchain?src=hash&amp;ref_src=twsrc%5Etfw\">#blockchain<\/a> industry:<\/p>\n<p>Dapp transaction volumes surpassed $270B with 95% accounted for by <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a>\u2019s DeFi ecosystem.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/NFT?src=hash&amp;ref_src=twsrc%5Etfw\">#NFT<\/a> marketplaces demonstrated their potential with multiple sales worth more than $100,000.<\/p>\n<p>Read more\u2b07\ufe0f<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Y4ya8qiIPO\">https:\/\/t.co\/Y4ya8qiIPO<\/a><\/p>\n<p>\u2014 DappRadar (@DappRadar) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DappRadar\/status\/1339610859157516288?ref_src=twsrc%5Etfw\">December 17, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Describing 2020 as the \u201cyear that DApps tried to grow at all costs,\u201d the report found that just 10 DeFi DApps accounted for 87% of Ethereum\u2019s total transaction volume.<\/p>\n<p>Those 10 DApps totaled over one million active users in November, with the top three \u2014 DeFi Swap (Crypto.com), Uniswap, and Compound \u2014 dominating the total with 930,000 between them. <\/p>\n<p>The report noted that the limitations of Ethereum became apparent this year as the network \u201ceffectively hit a wall in regards to scalability\u201d with average gas prices several times higher than last year. <\/p>\n<p>Congestion on the network accelerated the rise of competitors during the second half of the year, with DApp-friendly platforms like Binance Smart Chain, Tron, and Wax accounting for a rapidly increasing share of total DApp transaction value.<\/p>\n<p>Also on the rise is the severity of hacks and exploits of unaudited or improperly audited smart contracts used by DeFi projects. DappRadar estimates that more than $120 million was stolen across 12 major incidents in 2020. It predicted that &#8220;insurance will be the next important DeFi ecosystem subcategory,\u201d as a result.<\/p>\n<p>While it\u2019s garnered a lot of attention lately the \u201cNFT Marketplaces\u201d category exhibited only moderate growth across the year. The \u201c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">Game<\/a>s\u201d category remained flat and the \u201cGambling\u201d category ended slightly down.<\/p>\n<p>The DappRadar report concluded that COVID-19 has actually served to strengthen DApp ecosystems by encouraging their use as problem-solving measures:<\/p>\n<blockquote><p>\u201cIt would appear the global pandemic brought increased attention to decentralized solutions as conversations deepened around the distribution of a basic universal income and worldwide database management systems.\u201d<\/p><\/blockquote>\n<p>Looking forward, DappRadar predicted that DeFi will play \u201can even more influential role\u201d in 2021 and \u201cform the foundation of the crypto economy\u201d across all sectors, including NFTs, games, logistics, and other DApp categories.<\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/defi-boom-drives-1200-increase-in-dapp-volume-in-2020-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# DeFi boom drives 1200% increase in DApp volume in 2020: Report &#8221; DApp transaction volume has topped $270 billion so far in 2020, with 95% of this figure belonging to Ethereum\u2019s DeFi ecosystem, according to DappRadar. That\u2019s an astonishing 1178% increase from last year\u2019s total of $21 billion. The blockchain data provider revealed the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":136321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/24f00e1e-f25f-4748-be6a-ab799a7601eb.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75166,78168,74983,74868,74891,74882,76341,74880,86934,34446],"class_list":["post-136320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance-coin","tag-dapps","tag-decentralization","tag-defi","tag-ethereum","tag-hacks","tag-scalability","tag-transactions","tag-wax","tag-tron"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/136320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=136320"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/136320\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/136321"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=136320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=136320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=136320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}