Market analytics site DappRadar made a big disclosure earlier this week on Tuesday, November 19. DappRadar, which ranks and tracks decentralized apps recently discover $3.8 billion worth “hidden activity” on the Ethereum blockchain network.
Besides this, DappRadar also uncovered $73 million trading volumes in the last seven days, within Ethereum Dapps. Thus, after this finding, the Ethereum Dapps volume has reportedly surged from $27 million to above $100 million. Surprisingly, this finding has also taken Ethereum’s annual volume over and above $5 billion.
DappRadar discovered this activity after it started tracking Dapp activity based on the tokens passing through their smart contracts in addition to the user transactions. Thus, they discovered that the Ethereum network has a higher value than expected.
Currently, the address activity alone determines the Ethereum activity by measuring the number of users. But considering the tokens will now help to measure the economic activity of the network based on the total value of digital assets. Skirmantas Januskas, CEO and co-founder at DappRadar wrote:
“This will greatly increase the transparency of value creation on the Ethereum blockchain, especially for decentralized exchanges that support the trading of ETH-based tokens and the fast-growing DeFi category”.
To prove its findings, DappRadar presented an example of FordDelta. Earlier, FordDelta showed a weekly volume of $778,000. But after its tracking of smart contracts, it found an extra $16.8 million on the seven-day transaction volume. Another case was that of Oasis Trade. Previously, it showed $0 in volume but after tracking the value it has created, it found $2 million per day.
Maker DAO Is the Second-Most Used Dapp on Ethereum
Currently, there has been some shift seen with the rise in the DeFi (Decentralized Finance) activity. The DeFi activity surge is the outcome of a major trigger in token transfer after Maker DAO became the second-most used DApp on the Ethereum platform.
DappRadar said that Maker DAO sees around 2800 daily users carrying around 2.2 million ETH value. However, with the constantly correcting ETH price, the DeFi activity has taken a hit. Currently, the liquidations have been avoided through automated loan repayments on the DeFi server.
In the last seven days, ETH has lost 20% of its value. Today itself ETH lost another 10% in a massive price crash. At press time, ETH is trading at $154 with a market cap of $17.1 billion.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.