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.
Privacy-Focused Zcash Demands Access To Ethereum’s DeFi Ecosystem
“Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.”The developers all over the world have been working on interoperability solutions just so they can enable different networks and to be able to interact more efficiently in an attempt to eradicate the existing issues in regard to scalability and speed. Related to this matter, the VP of marketing and business development at Electric Coin Company Josh Swihart, explained that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network by saying:
“If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in Ethereum smart contracts.”The ZCash Foundation board member Ian Miers explained the issue of why decentralized app creators might want to protect their addresses and smart contracts. However, as previously reported in the blockchain news, the South Korean cryptocurrency exchange UpBit stopped the trading support for six cryptocurrencies including Zcash. The exchange decided to delist these six privacy coins in order to block the possibility of money laundering and the influx of external networks. Also, a few days ago, the OKEx crypto exchange confirmed that they will also stop the trading of Zcash and other privacy-oriented digital assets. the exchange made clear that all of the coins fall short on the new guidelines that were set out by the intergovernmental body which is the Financial Action Taskforce.
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“Retest of $175 $ETH and $8150 $BTC IMO.’’Another crypto analyst- The Cryptomist, also explained on Twitter that the $183 is a key-near short term support level that most of the bulls will defend and there is a drop below this level potentially sparking a lot of capitulation that quickly sends it to $174:
“$ETH It is important for the price to sustain a successful re-test of this ascending triangle breakout at the price of $183. Should it fail to do so $174 may very well be next.’’As per the latest crypto news, the next few days will likely be very indicative when it comes to how most of the altcoins like Ethereum will continue their trends and seemingly will take guidance from Bitcoin.
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