- dApp use continues to languish in the industry
- A mere 10 percent of Ethereum dApps have daily users
- 93 percent of dApps have zero transaction volume
Decentralized apps (dApps) have long been touted as the bridge that could lead to the mainstream adoption of cryptocurrencies and blockchain technology.
Not a Great Showing
Things have been rather mum in the crypto industry since the end of the 2017 bull-run that pulled the prices of digital currencies to astronomical highs. To solidify this claim, recent research done by LongHash, a crypto research information source concluded that the use of Etheruem (ETH) based dApps is a mere 10 percent.
There’s little doubt that the foray of smart contracts platforms like Ethereum, EOS, and TRON have extended the boundaries of distributed ledger technology much beyond the original use case of the store of value.
However, things are yet to take a solid shape when it comes to mainstream use of dApps, as according to data collected on February 1, 2019, a minuscule 180 out of 1812 dApps had relevant ERC-20 token transactions. Approximately, this amounts to a mere 10 percent of active use of dApps.
Getting to the Bottom
Crunching the statistics, the numbers paint an even grim picture of the dApps ecosystem. A mere 13 percent of the active dApps had more than 100,000 transactions in the past 24 hours. 19 percent of dApps had transactions in the range of 10,000 to 100,000.
The findings unearthed by LongHash were also backed by prominent crypto researcher and industry commentator Kevin Rooke.
Rooke, a Canadian crypto researcher tweeted on February 10, 2019, the present state of inactivity in the ETH ecosystem. He noted that out of the 1275 active ETH-based dApps, 86 percent had 0 users on Sunday. Further, 93 percent of such dApps had 0 transaction volume.
There are now 1375 live ETH dApps.
86% of them had 0 users today.
93% of them had 0 tx volume today.
Across all platforms there are now 1828 live dApps.
77% of them had 0 users today.
85% of them had 0 tx volume today. pic.twitter.com/jUHZYuhPTz
— Kevin Rooke (@kerooke) February 10, 2019
Rooke also mentioned the sorry state of the larger ecosystem of dApps which includes the likes of EOS and TRON. He noted that out of 1828 dApps across all the platforms today, 77 percent of them had zero users on Sunday while 85 percent had zero transaction volume.
Will 2019 Be the Year for dApps?
2019 could prove to be a watershed year for decentralized apps as they look towards more mainstream adoption. Although the ecosystem is still pretty much in its infancy, there is no dearth of fundamentals behind the idea.
BlockchainReporter informed its audience on January 17, 2019, how dApp platform EOS has overtaken Ethereum in terms of transaction volume in 2018.