2020 Q2 Dapp Market Report By dappt.io

Key Highlights:

The transaction volume of DeFi dapps has reached its daily ATH at $608,230,230.58 on 21 June 2020. On the same date, the price of COMP, governance token of Compound, also hit ATH of $372.79 USD.
Over $4.9 billion USD (ATH) was transferred through finance dapps, 67% increased since Q1. Total DeFi Volume reached $11.5 Billion.
BAT is the most used token in DeFi product - there was a transaction volume of $931 million generated from BAT token, more than the combined volume of Ether and Dai.
Ethereum doubled (97%) its amount of active dapp user in Q2, with a sharp increase to 1,258,527 this quarter, reached its ATH.
Prior to 15 June, there is an average of 7,682 daily active DeFi dapp users on Ethereum. The number has increased by 48% to 11,230 active users after the release of the COMP token.
The transaction volume of ETH DeFi dapps has reached $5.7 billion USD in June, counted 97.5% of the whole dapp volume of the Ethereum network.
After the distribution of COMP, Compound’s volume has increased from $131 Million in the first half of the month to $3.3 Billion in the second half of the month - 24 times increased. It’s user also increased from 2,629 to 11,879 - 3.5 times increased.

Overall Market:

In Q2 2020, there are 1,394 active dapps, 2,808,050 active dapp users, and total transaction volume of $12.43 Billion USD generated on 12 public blockchains - Ethereum, EOS, TRON, Steem, Hive, Chiliz, Terra, ICON, Klaytn, NEO, Tomochain, IOST and Vexanium.

Ethereum has doubled (97%) its amount of active dapp user in Q2, with a sharp increase from 637,278 in the first quarter to 1,258,527 this quarter, reached its ATH. At the same time, the number of active dapp users on EOS and Tron also grew by 30% and 50% respectively, reaching 116,389 and 392,657 respectively.

Another worth mentioning is Terra, the Stablecoin network, has gathered 889,237 active dapp users in Q2 from its payment app Chai in the South Korea market. Klaytn, the blockchain project from South Korea social network giant Kakao, has recorded over 1,000,000 active dapp users on the blockchain, mainly from Cosmochain, a blockchain-based eCommerce platform for cosmetics. However, its dapp user in Q2 has dropped from 2.8 million in Q1 to 1,040,507, with a 63% decline.

Ever since the Hive hard fork on March 20, various promising Steem-based projects, including Splinterlands and 3speak have successively announced their migration. In the second quarter, there were no new applications built based on Steem, and the amount of active dapp users on Hive has exceeded Steem.

In Q2, the transaction volume of ETH dapp is still leading far ahead, maintaining a $10 billion scale - nearly 10 times the sum of EOS and TRON’s.

There are less than 100 new dapps launched from the 12 blockchains this quarter excluding work in progress and demo products. 99 is also the lowest number of new dapp launched since 2017.

There are 35 high-risk dapps built, more than any other category. At the same time, there are nearly 1 million new participants to high-risk products, which was a 200% increase from the previous quarter. The transaction volume of high-risk dapps is also growing significantly - a total of $227 million, 10 times increase from Q1.

The transaction volume in June reached $6.63B, which was double that of May. Among them, the DeFi transaction volume of Ethereum was $5.7B in June, accounting for 86% of all transaction volume from the 12 blockchains; and 97.5% of all dapp transaction volume of Ethereum. Especially since the issuance of COMP tokens on June 15, the transaction volume has soared.

There are over 1.43 million active users from DeFi dapps in Q2. Among those, the active user of decentralized exchanges (DEXs) has reached 380K, with an increase of over 50% compared to the previous quarter.

The remaining 1,052,626 users are using onchain finance products. Over $4.9 billion USD was transferred through finance products, from an increase of 67% since the last quarter.

ETH DeFi Market:

When we call 2020 the year of DeFi, we should call June 2020 “the month of DeFi”. The transaction volume of ETH DeFi dapps has reached $5.7 billion USD in June, counted 97.5% of the whole dapp volume of the Ethereum network. The transaction volume of DeFi dapps has reached its ATH at $608,230,230.58 on 21 June 2020. On the same date, the price of COMP, governance token of Compound, also hit ATH of $372.79 USD.

Prior to 15 June, there is an average of 7,682 daily active DeFi dapp users on Ethereum. The number has increased by 48% to 11,230 active users after the release of the COMP token.

In the Ethereum ecosystem, the most used ERC-20 tokens are DAI, WETH, USDC and BAT. BAT is the most used token by DeFi product - there was a transaction volume of $931 million generated from BAT token, more than the combined volume of Ether and Dai.

After the distribution of COMP, Compound’s volume has increased from $131 Million in the first half of the month to $3.3 Billion in the second half of the month - 24 times increased. It’s user also increased from 2,629 to 11,879 - 3.5 times increased.