DeFi Improved Ethereum dApps Despite Bear Market

It seems like decentralized finance dApps are experiencing “huge growth” as we speak, according to a new report. The DeFi improved Ethereum’s dApps and the ETH news show that the blockchain powered services are leading the way in the market.

According to a Dapp.com report now shared on many news sites, in Q3 of this year “more than $525 million (USD) was performed by finance services dapps (decentralized apps).” The report also shows that 27.6% of all dApp users began using decentralized apps so they could access financial service offerings.

Meanwhile, the ETH-based DeFi improved Ethereum’s dApps which account for the vast bulk of the figure – and today make up even 88% of the total volume in the finance sector category. This report is featured in the blockchain news today and according to DeFi Pulse, the Ethereum-based lending service Maker (MKR) is still something of a monolith in the DeFi scene and has a dominance rate of almost 51%.

The Dapp.com data also shows that Ethereum-powered DeFi apps picked up 310,000 new users in Q3 which is the largest quarter-on-quarter growth rate to date.

“Most of the active Ethereum dapp users in Q2 didn’t use any ETH dapps in Q3 – there are only slightly more than 80,000 ETH holders used dapps in both Q2 and Q3. But the wave of DeFi has given the best growth for Ethereum dapp users,” according to the report.

The figures also show that the Ethereum blockchain still has the largest amount of dApps, with more than 1,721 out of a grand total of 2,791. EOS and Tron followed behind with 466 and 467, respectively.

Meanwhile, the Ethereum latest news also show that gambling and gaming dApps remain favorites – and there are 439 out of all 1,350 active dApps and 44 out of 148 new dApps devoted to betting and other forms of gambling. It seems like DeFi improved Ethereum apps a lot over the past years.

Even though the user activeness is down from Q2 at more than 30% in losses, a whopping 58% of the Ethereum dApp transactions in Q3 were actually DeFi and finance-related, making up for the total volume of over $466 million in USD.

The report also examined data from dApps built on the aforementioned platforms as well as platforms like Steem, TomoChain and IOST. The authors stated that they discounted data from dApps which appeared fraudulent, had security issues or featured sensitive contents.