The total value of transactions in decentralised applications reached $270 billion in 2020. The growth rate stood at 1,178%.
\n
\n
2020 was a record year for the #blockchain industry:
\n
Dapp transaction volumes surpassed $270B with 95% accounted for by #Ethereum’s DeFi ecosystem.#NFT marketplaces demonstrated their potential with multiple sales worth more than $100,000.
\n
Read more⬇️https://t.co/Y4ya8qiIPO
\n
— DappRadar (@DappRadar) December 17, 2020
\n
\n
“The year 2020 was a record year for the blockchain industry. The volume of dapp transactions exceeded $270 billion, of which 95% was generated by the Ethereum-based DeFi ecosystem.”
\n
According to DappRadar, the total value of transactions in 2019 stood at $21 billion.
\n
Over the course of the year, there was capital inflow into the Ethereum ecosystem. Evidence of this is the growth of ETH’s price from 0.018 BTC to 0.028 BTC, and the reason is attractive yields in DeFi services. Protocols “Bitcoin on Ethereum” such as WBTC and renBTC played a significant role in this process.
\n
In the report it is also stated that 87% of Ethereum’s total transaction volume is accounted for by just 10 dapps.
\n
Among the main constraints on Ethereum’s development and its ecosystem, experts cited scalability. One indicator is the substantial rise in the average gas price.
\n
Gas price dynamics in 2019-2020. Data: Glassnode.
\n
The high cost of Ethereum transactions in the second half of 2020 intensified competition among dapp platforms. Activity expanded to Binance Smart Chain, Tron, Wax and other networks.
\n
DappRadar researchers counted more than $120 million in user losses from 12 hacker attacks exploiting bugs in smart contracts, many of which did not undergo audits.
\n
“Insurance will become the next important subcategory of the DeFi ecosystem,” researchers suggested.
\n
Over the year, the NFT marketplaces category showed modest growth. Activity in the Games category remained largely unchanged, while Gambling posted a slight decline.
\n
Researchers believe that DeFi projects will be the main driver of the crypto economy in 2021.
\n
Earlier ForkLog reported that the number of active users of ten popular Ethereum surpassed 1 million.
\n
Subscribe to ForkLog news on Telegram: ForkLog FEED — the full news feed, ForkLog — the most important news and polls.