Ethereum Decentralized Applications (DApps) and Decentralized Finance (DeFi) have racked up over 127,000 transactions in one day, on Friday, June 3.
According to State of the DApps, Ethereum has a total of 2,885 DApps. As at press time, there have been over 126,000 transactions within the last 24 hours so far. This is the equivalent of about one-third of Bitcoin’s average daily transactions.
Ethereum DApps have almost 50,000 daily active users taking up almost 5,000 contracts.
While some DeFi platforms have low 5-figure users, others are well on their way to gaining high 6-figure users. For example, Aave, an open-source DeFi Protocol, only has about 10,000 users while DAI, a USD stablecoin has over 500,000 users.
Ethereum-driven DeFi platforms are currently seeing explosive growth in not just transactions and active users but also in adoption rate.
June was a particularly exciting month for the DeFi community. Compound governance token (COMP) got listed on 4 major exchanges; Coinbase Pro, Binance, OKEx, and FTX.
The enlistment is considered as an integrity endorsement by many within the crypto community. However, not everyone shares the same view. Ethereum co-founder Vitalik Buterin took to Twitter to criticize the protocol. He believes that “flashy DeFi things” are being overhyped given their lack of long-term value.
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