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Decentralized applications based on Ethereum, or DApp, have attracted more than one million active users in the past 30 days according to the analytics platform DappRadar.
This milestone comes when interest in decentralized finance, commonly referred to as DeFi, received a second wind, with the number of users growing 11% in the first 11 days of November.
The ten DApps, six of which define themselves as providing “DeFi and exchange” services, represent more than $ 21 billion in combined trading volume over the past 30 days.
The top three DApps – Crypto.com’s DeFi Swap, Uniswap, and Compound – account for the lion’s share, with over 930,000 users among them. DeFi Swap had 509.6K, Uniswap 276.7K, and Compound had 143.9D users. None of the remaining seven DApps had more than 30,000 users during the month.
Data from Dune Analytics suggests that a single DeFi user may have multiple addresses and interact with multiple DApps on multiple occasions during a month, making it difficult to accurately estimate the number of actual users from the figures above. According to the site, the cumulative total number of unique wallet addresses for DeFi users over time is 901K.
The four DApps that aren’t ranked as DeFi or exchange platforms in DappRadar’s top 10 include the non-fungible token marketplace (NFT) Rarible and the NFT-powered game Axie Infinity. The remaining applications, Forsage and HEX, are described as “high risk” by DappRadar and potentially pose a danger to your wealth.
DeFi DApps are more likely to see volatility in the number of users as their business is subject to the whim of speculative market sentiment. Other categories such as gaming DApps are less likely to be affected by price fluctuations.
In October, it looked like DeFi’s bubble had finally burst as the number of daily active addresses dropped from a peak of 176,000 to less than 20,000 within weeks, according to analytics platform Coin Metrics.
However, it turns out that it was not the DeFi bubble that burst, but rather a “Sushiswap and Uniswap” bubble that burst. Removing these projects from the equation and the number of active addresses has shown little change over the past three months.
The number of total active users on Ethereum has increased this year reaching a high of 33 months last month. Data from the Glassnode Studio analytics platform showed that the number of active addresses increased from the January low of less than 2.8 million to 5.9 million in October.
Despite DApp’s continued growth on Ethereum, last month’s high of 1 million active users represents less than 20% of October’s total active addresses, suggesting the potential exists for continued growth in the DApp ecosystem.
But again, it’s unclear how many of the one million active users are unique users. Of course, some users will use the same DApp multiple times in the month, and others may use multiple DApps, further boosting the numbers.
