Ethereum and EOS DApps Hit $165 Million in Weekly Transaction Volume Despite Crypto Market Downturn
Ethereum and EOS are powering more than $165 million in weekly transaction volume on a variety of decentralized apps, as the push for real-world adoption of cryptocurrency and blockchain heats up.
The new numbers come from State of the DApps, which tracks just how much decentralized apps on a variety of blockchains are actually used.
The term decentralized application, or DApp, refers to any piece of software that runs on a decentralized network. DApps can run in a web browser, on a computer or on a smartphone, and are considered to be one of the key ways that cryptocurrency and blockchain technology can reach the mainstream.
So far, most of the DApp volume is coming from gambling platforms, a multi-billion dollar global industry. The number one DApp BetDice has generated more than $129 million in revenue in the past seven days.
BetDice has seen a 95% increase in volume over the past week, while the second most popular DApp by volume, hongbao, a Chinese red envelope game, has seen a whopping increase of 1,848% in volume for the same time period.
Both of these games run on the blockchain platform EOS which has powered five of the top six DApps within the past seven days. The other most popular EOS DApps include EOS Poker and EOS Play.
If a popular DApp doesn’t run on EOS, it likely runs on Ethereum, which powers five of the top 10 DApps.
Despite the high-flying transaction volumes, developers are still trying to secure more users. The top DApp in terms of daily users is Endless Dice on the EOS network, which saw almost 22,945 users in the past 24 hours. The DApp with the next highest daily user count is advertising platform PRA Candy Box, also on EOS, which drops off significantly to 6,458 users.
When compared with the number of people on messaging application Snapchat, which averages about 161 million daily users, it’s clear that while promising, DApps have a lot of room for growth and a long way to go toward mainstream.