DeFi applications Contributed More Than 2.275 million ETH in Q3: Report

By Supriya Saxena
Published October 12, 2019 Updated July 31, 2020
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DeFi applications Contributed More Than 2.275 million ETH in Q3: Report

By Supriya Saxena
Published October 12, 2019 Updated July 31, 2020

While the second quarter of Ethereum application users was not such an active one, the wave of DeFi (Decentralized Finance) has brought in more than 310,000 new users.

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MakerDao and Nest Are The Leading Defi Apps

DeFi applications have contributed more than 2.275 million Ethers in the third quarter. Also, these applications account for more than 58% of all Ethereum applications. The former’s revenue has exceeded more than $525 million in the quarter, with decentralized financial applications in Ethereum accounting for total financial transactions. Leading DeFi apps on Ethereum include MakerDao and Nest. 

MakerDAO is a decentralized credit platform on Ethereum that supports Dai, a stablecoin pegged to USD.  As of March 2019, only ETH can be used as collateral. A planned upgrade to Multi-Collateral Dai is likely to add support for other assets. 

Source- DeFi Pulse

Whereas the Nest dApp supports mutual mortgage lending between mainstream Ethereum assets such as Ethereum(ETH), Tether(USDT), Maker Dao(MKR), DAI, Basic Attention Token (BAT), Omise Go(OMG), and the LOOM token. 

Source- dapp.com

 

Q3 Witnessed More than 500,000 New Users

Also, Q3 saw more than 500,000 new users who started using decentralized applications. Of which more than 138,000 (27.6%) of them started using financial services applications, and 170,000 ( 34%) of them still entered the application field due to gambling applications.

Drop-in dApp Transaction Volume

Also, a recent report by decentralized app platform dapp.com released a few days back found that dapp transaction volume has dropped on major blockchain ecosystems by almost 40 percent compared to last quarter. The figures have plummeted from $3.28 billion to $2.03 billion, despite huge growth in the decentralized finance (DeFi) industry. 

The report analyzed six major blockchains. These included Ethereum, EOS, TRON, Steem, TomoChain, and IOST. Reportedly, these blockchains have the most active users in the market. 

The report revealed that 150 dApps were launched in Q3 which is far less than the average amount of dApps released every month during the first half of the year- 165 apps per month.

Will DeFi continue to have the same success in Q4? Let us know, what you think in the comments below! 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Supriya Saxena
216 Articles
Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.

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