- Ethereum’s number of active dApp users have doubled in Q2
- Compound (COMP) seems to be driving Ether users
- ETH dApps saw 10 times more growth than EOS and TRON
Cryptocurrency News Today – Ethereum has recorded another milestone after the decentralized applications (dApps) on the network doubled in Q2 of 2020. Now, the reports add that the DeFi token, Compound (COMP) might have been behind the increase in the number of dApp developers using the Ethereum Blockchain network in Q2 of this year.
The total number of daily DeFi dApp users on the ETH Blockchain saw a significant rise in Q2, after increasing from 7,682 dApps on June 15 to an impressive 11,230 shortly after its release. This rise is an increase of 48% in Q2. In total it increased by 97%. COMP usage on the ETH Blockchain also reached all-time highs.
Active DApp Users on Ethereum Doubled in Q2
Per the report, DeFi (decentralized finance) apps on the Ethereum Blockchain network surged in quarter two of 2020. The daily transaction volume of DeFi apps reportedly reached all-time highs in the month of June. The 2020 second quarterly report of the Dapp Market Report posted by the analytics platform Dapp.com indicated that the total number of dApp users active on the Ethereum (ETH) network increased by a whopping 97% in the second quarter to reach all-time highs of 1,258,527.
Additionally, the overall transaction volume of the ETH DeFi dApps rose to $5.7 billion in the month of June which made up about 97% of the total dApp volume recorded on the network. Recall an older report that Compound (COMP) was the biggest DeFi token based on market cap following its listing on June 16 after it rallied by 60% in a few hours.
COMP is Driving Ethereum’s Users
According to data issued by Dapp.com, the total number of daily DeFi dApp operators on the ETH network saw a corresponding increase, from 7,682 back on June 15 to an impressive 11,230 immediately after it was released. This is an increase of 48%. At the time the COMP token reached ATHs of $372 back in June, the total daily transaction sum of DeFi peaked at a whopping $608 million on ETH.
COMP had a successful introduction to Blockchain technology, the same as Basic Attention Token. According to Dapp.com Brave’s BAT Token was the most used token in the DeFi sector. It posts a transaction volume of $931 million. According to DappReview’s analysis, there was roughly a 12% reduction in DeFi activity for EOS and a 74% drop for DeFi in TRON between Q1 to Q2 of 2020. Dapp.com also adds that even though the volume of ETH dApps is 10 times higher than that of EOS and TRON, the total number of active users on Tron (50%) and EOS (30%) still grew.