Ethereum DApps Set To Hit 50% of Bitcoin Transaction Volumes

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.

Image Credits: Pixabay