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BTC $42705.09 (-7.4%)
ETH $3007.21 (-6.8%)
USDT $1.00 (-0.0%)
BCH $540.81 (-8.9%)
BSV $136.97 (-13.%)
LTC $160.08 (-5.0%)
BNB $364.20 (-9.1%)
ADA $2.12 (-3.6%)
DOGE $0.20 (-5.9%)

Ethereum DeFi, DApps Post $100B Gains in Q3 2020

ETH Volumes Top 119.5 Billion dollar in Q3

A recent report has revealed that transactions on decentralized applications (DApps) have surged to more than $100 billion in Q3 2020 against Q2 of the same year.

According to DappRadar, the total transaction volumes in Q3 amounted to $125 billion, which is $113 billion higher than the previous quarter. Most of these transactions occurred on the top three blockchain ecosystems namely Ethereum, Tron, and EOS.

Despite having increased gas rates, Ethereum bested rivals Tron and EOS, accounting for 96% of the entire created value. Interestingly, this can be attributed to the activities in the DeFi space.

Decentralized exchanges (DEXs) based on Ethereum have gained popularity as many have joined the DeFi craze in the past months, most especially the governance tokens and the popular practice called yield farming.

2020 Q3 Dapp Market Summary - by Blockchain (Source: DappRadar)
2020 Q3 Dapp Market Summary – by Blockchain (Source: DappRadar)

In terms of the total number of active unique wallets, the report also showed that the above list had a 200,000 combined active wallets, showing that more people are becoming more active in the crypto space. As expected, most of these came from the top three on the list.

Meanwhile, the remaining blockchain ecosystems such as IOST, Ontology, and NEO were able to add to the numbers by joining the DeFi bandwagon.

There have also been mixed results in other categories. For example, Ethereum and EOS slowed down in the gambling, games, and high-risk categories, while Tron excelled in these areas. Nevertheless, they were observed to have adapted to the market demand as they tried to replicate the various Ethereum platforms that have high activity.

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.