Decentralized finance applications (DeFi) in the Ethereum blockchain increased in the second quarter of 2020, as daily transaction volume reached an all-time high in June.
The Q2 2020 Dapp Market Report published by the analysis website Dapp.com showed that the number of active DApp users at Ethereum (ETH) increased by 97% in the second quarter to reach an all-time high of 1,258,527. In addition, ETH’s DeFi DApps transaction volume reached $5.7 billion in June, representing more than 97% of the total DApp volume on the network.
Does COMP drive Ethereum users?
Cointelegraph reported that Compound (COMP) emerged as the largest DeFi token by market capitalization after it was listed on the exchange on June 16, and recovered over 60% in a few hours. According to Dapp.com, the number of daily users of DApps DeFi on ETH showed a corresponding increase, from 7,682 on June 15 to 11,230, immediately after its launch, an increase of 48%.
When the COMP token reached a record price of over USD 372 on June 21, DeFi daily transaction volume peaked at over USD 608 million. Although the COMP had a very successful introduction to the blockchain, DApp.com reported that the Brave basic care token (BAT) was actually the most widely used token at Bitcoin Loophole, with a trading volume of $931 million.
Vitalik: We have underestimated how long it will take to implement Proof-of-Stake and Sharding
Cointelegraph reported on the DappReview analysis, which showed a reduction of approximately 12% in activity for EOS and a 74% drop in TRON from Q1 to Q2. According to dapp.com, although ETH’s DApps transaction volume is almost 10 times that of EOS and TRON, the number of active users on the protocols still grew by 30% and 50%, respectively.