Cryptocurrency News Today: Report: Blockchain app transaction volume down nearly 40%

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Cryptocurrency News Today: Report: Blockchain app transaction volume down nearly 40%

The total transactional volume of Blockchain apps (dapps) across the six major dapp-centric networks hit just $2.03 billion last quarter, down by nearly 40 percent.

More troubling, just 148 dapps launched in Q3 of this year. That’s less than the monthly average of the first half of 2019 (when 164 new ones were deployed every month).

Still, over half of those transactions were related to Cryptocurrency gambling, reports dapp explorer Dapp.com with its latest quarterly analysis.

The one shining light, however, is the rising popularity of decentralized finance (DeFi) dapps  particularly those that run on Ethereum.

Users aren’t sticking around to use their favorite dapps

Dapp.com’s research indicates that over $525 million flowed through DeFi dapps last quarter, and 88 percent of that was processed on the Ethereum Blockchain.

The firm recorded more than 500,000 new dapp users last quarter. Approximately 138,000 (27.6 percent) arrived just for DeFi, while over 170,000 (34 percent) were brought in by the allure of gambling their Cryptocurrency.

This made DeFi the second-largest category in terms of volume, after gambling.

The thing is, just 36 percent of users from Q2 used their dapps at least once in Q3. But, thanks to DeFi apps like MakerDAO and Nest, an influx of new users has kept Ethereum dapp activity relatively steady.

Only slightly more than 80,000 ETH holders used dapps in both Q2 and Q3,” said Dapp.com. “But the wave of DeFi has given the best growth for Ethereum dapp users — over 310,000 new dapp users in a quarter, the highest of all time so far.”

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