The latest cryptocurrencies news show that DeFi tokens such as COMP could have been responsible for the growth of active dApp users on the Ethereum blockchain, which actually doubled in Q2 of 2020.
As we can see, decentralized finance (DeFi) applications on this blockchain are on the rise and managed to surge in the second quarter of 2020 as the daily transaction volume reached an all-time high in June.
The 2020 Q2 Dapp Market Report is published by the analytics website Dapp.com and shows that the number of active dApp users on Ethereum increased by 97% in Q2, reaching an all-time high of 1,258,527. In addition to this, the transaction volume of the ETH DeFi dApps reached $5.7 billion in June, making up more than 97% of the entire dApp volume on the network.
In the blockchain news, many media outlets report the amazing growth of the Compound (COMP) token which emerged as the largest DeFi token by market cap after it got listed on June 16. The altcoin managed to rally by more than 60% in a few hours. As data from Dapp.com shows, the number of daily DeFi dApp users on ETH saw a similar rise – from 7,682 (June 15) to 11,230 as soon as COMP was listed, which is an increase of 48%.
When the price of COMP reached a price of more than $372 on June 21, the daily transaction volume of DeFi was at a new peak at more than $608 million. Besides the successful introduction to the blockchain that COMP had, Dapp.com said that Brave’s Basic Attention Token (BAT) was actually the most used token in DeFi with a transaction volume of $931 million.
Moreover, we can see a reduction of 12% in the activity for EOS and a 74% drop for TRON from Q1 to Q2 this year. While the daily active dApp users on Ethereum’s blockchain doubled, the number in EOS and Tron were still growing (by 30% and 50%) but did not manage to match the surge triggered by COMP.
Today, we can see a positive increase in the crypto market, and a Bitcoin price of $9,300 which is leading the day in terms of gains. However, Bitcoin SV (BSV) witnessed a meteoric rise of 14% overnight, coming to a price of $184.
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