DeFI [Decentralized Finance] apps based on the Ethereum blockchain surged within the 2nd quarter of this year as the daily transaction volume reached an all-time high in recently in June.
The 2020 Q2 Dapp Market Report published earlier by analytics website Dapp.com revealed that the quantity of active DApp users on ETH increased by 97% in Q2 to touch in an all-time high of 1,258,527. Additionally, the transaction volume of ETH DeFi DApps touched $5.7 Bln earlier in June, making up over 97% of the complete DApp volume on the network.
Compound Emerged As Leading DeFI Token
As reported earlier, Compound [COMP] emerged as the leading DeFi token by market capitalisation after it had been listed earlier on 16th June, rallying by over 60% in just a few hours. Consistent with Dapp.com, the amount of daily DeFi DApp users on ETH saw a corresponding hike, from 7,682 USD on 15th June to 11,230 USD immediately after its release, indeed an hike of 48%.
Moreover, when the COMP token reached an ATH price of over $372 USD on 21st June, the daily transaction volume of DeFi peaked at over $608 Mln. Although COMP had a really successful introduction to the blockchain, DApp.com reported Brave’s Basic Attention Token [BAT] was actually the foremost used token in DeFi, with a transaction volume of $931 Mln.
As per DappReview’s analysis, a roughly 12% reduction in activity for EOS and 74% drop for TRON from Q1 to Q2 was observed. Consistent with dapp.com, via the transaction volume of ETH DApps is almost 10 times EOS’ and TRON’s, the number of active users on the protocols still grew by 30% and 50%, respectively.