The Ethereum (ETH) network is still number one when it comes to decentralized applications (dApps) in the cryptocurrency space, despite the rise of so-called “Ethereum killers.”
According to a report published DAppRadar, a website that tracks the most popular decentralized applications, Ethereum is leading the decentralized application space thanks to its developer activity.
This year, active wallets engaging with Ethereum dApps reportedly rose 118% to over 19,000 by mid-December, while the total value of activity within them rose by 166% to $7.2 billion. DAppRadar noted that as the ecosystem matured, ERC-20 tokens and not ether itself accounted for the majority of the value generated on the Ethereum network.
Ethereum, according to the report, is also the only blockchain to “successfully grow dApps” across four main categories, which include decentralized finance (DeFi), decentralized exchanges, games and gambling platforms, and high-risk platforms like those believed to be Ponzi schemes.
The report reads:
As well as being the first smart contract blockchain, Ethereum remains the most significant in terms of the number of active dApps deployed, the depth of its development community, and growth in terms of users and value during 2019.
DAppRadar points out Ethereum isn’t perfect, as its blockchain is relatively slow and dApps running on it “remain vulnerable to systematic factors.” Its main competitors, EOS and TRON, both failed to overtake it, however.
Both reportedly struggled to “grow their user base and the value captured by their dApps,” with the performance of the EOS network being impacted by the EIDOS token airdrop, which the report claims saw dApp users drop by 50%.
TRON, on the other hand, saw most activity focus on gambling dApps, despite seeing significant growth in the first half of the year. Overall, its userbase grew by 93% even though “all key TRON dApps experienced decline in the second half of the year.”
Other blockchains competing with Ethereum, such as that of NEO, VeChain, and Waves, failed to see their userbases grow significantly, with all of them having less than 50 dApps being tracked by the service.
Featured image via Pixabay.
