Ethereum Saved by DeFi in July, Tron Scores in All Metrics – DappRadar
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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read moreA contrast, so to say, between two major blockchains was observed by dapp (decentralized app) data aggregator and analysis firm DappRadar in July: While Ethereum (ETH)‘s results were “controversial,” Tron (TRX)‘s development was positive across the board.
Source: Adobe/AlekseyIvanov
While ETH price increased in July by more than 50%, the number of daily active wallets decreased by 6%, to 15,200, because of Ethereum’s high fees, DappRadar wrote in their recent report.
This is seen in the Games and Marketplaces dapp category, which dropped by 8% month-on-month, “whilst the Ethereum [decentralized finance] DeFi category has exploded.” It’s the only Ethereum category that didn’t see a drop. Instead, on average, DeFi grew active wallets by 36%.
Furthermore, Ethereum transaction volumes reached an all-time high of USD 12bn, said DappRadar. This too, they found, is driven by the Ethereum DeFi category, particularly “governance token releases and the hype around yield farming.” 95% of the total Ethereum transaction volumes were generated by this category. The second-biggest driver is the DEX (decentralized exchange) category, showing “great results” in July.
Transaction volume on Ethereum, billion USD
Source: DappRadar
At pixel time (13:30 UTC), ETH, ranked 2nd by market capitalization, trades at USD 399 and is up by 4% in a day, and 24% in a week.
Meanwhile, “Tron showed positive development in all metrics.” A reported, Tron released its version 4.0, as well as announced plans to create a DeFi ecosystem on the network.
As for the token price, it has been increasing since April, reaching USD 0.019 on July 31.
“We can definitely witness the token regaining its value in the market,” DappRadar commented.
Daily active wallets reached an all-time high in July with 31,600 active wallets, and with improvements in all categories, particularly Gambling and High-Risk, Exchanges, and Games and Marketplaces. The first grew 94% on average compared to June; the second by 47%; and the third 139%, seeing record-breaking activity in 2020 with 1,520 daily active wallets by the end of July.
Lastly, transaction volume increased by 62% in July, surpassed USD 173 million – having Gambling and High-Risk dapps to thank for it. These grew by 40% month-on-month and surpassed USD 120m in value.
Transaction volume on Tron, million USD
Source: DappRadar
TRX, ranked 17th by market capitalization, trades at USD 0.02 and is up by almost 3% in a day and 5% in a week.
As for the other four blockchains observed for the report, DappRadar found that:
- EOS growth was “more conservative” compared to Ethereum and Tron, seeking the highest spikes within transaction volumes thanks to DEX and DeFi dapps.
- Hive and Steem saw decreased activity within daily active wallets and transaction volumes.
- WAX saw all-time high results in both daily active wallets and transaction volumes.
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