ETH volumes exceed $ 119.5 billion in the third quarter – high-risk daps dominate the Tron network

A recent report claims that total Dapps transaction volumes reached $ 125 billion in the third quarter of 2020, a figure that is $ 113 billion more than in the second quarter of 2020. From these volumes, the Ethereum blockchain accounts for 96% or $ 119.5 billion of the total value created with most of this is attributed to the DeFi ecosystem. However, the report notes that the EOS and Tron blockchain, where gambling and the high-risk category account for 60% of activity, are the only competing chains to offer Ethereum a challenge, albeit a very limited one.

Compiled by Dappradar, the report states that the Ethereum blockchain was able to catch up with this feat amid ongoing concerns about high network fees. According to the report, “at peak times the transaction costs exceeded 400 Gwei”.

In its overview, the report notes that “the Ethereum network has received tremendous attention recently due to an explosion within the DeFi and DEX dapps categories.” The report adds:

Governance tokens coupled with yield farming created the hype that drove the network. Unsurprisingly, Ethereum has grown in almost all metrics.

In another observation, Dappradar claims that ETH, which is still the second strongest cryptocurrency, remains highly volatile just like other cryptocurrencies. In the report, Dappradar explains:

“We’ve already seen the price (of ETH) reach over $ 470 in early September and only to suddenly drop to $ 310 and now it’s around $ 350.”

Meanwhile, the number of daily active portfolios on Ethereum “increased by 154% compared to the second quarter of 2020” and, as expected, the DeFi and DEX categories grew “from 12,800 daily active portfolios to 50,200 in the third quarter of 2020” .

Growing around 1,519% year-on-year and around 300% quarterly growth, “DeFi has become the largest Ethereum ecosystem with 90% of total daily active portfolios.”

Turning to Tron, the same report concludes that 2020 was an extraordinary year for Justin Sun’s blockchain after “both daily active wallets and transaction volumes have skyrocketed to sky-high values.”

The performance of the blockchain is attributed to the launch of Tron 4.0 and the entry of the protocol into the DeFi space which evolved further in the third quarter of 2020, according to Dappradar. Analyzing the performance of the Tron network, the Dappradar report states:

“The number of dapps in the DeFi ecosystem exploded during the third quarter of 2020. There were three DeFi dapps available on TRON in the second quarter of 2002. At the end of the third quarter, the total number of dapps sent to DappRadar increased to 27 “.

However, pointing out the dominance of the Tron network by high-risk dapps, the report notes that “645 dapps have been sent to DappRadar in this category to date and out of the total of 695, 225 are gaming dapps while 422 are dapps. high risk. “

Meanwhile, with the Defi craze still ongoing, there are expectations that the fourth quarter will likely see a continuation of this growth. However, the growing number of scams in space is likely to slow the rate of growth in the future.

What do you think of Ethereum’s Defi-led growth? You can share your views in the comments section below.

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