Dapp transactions so far in 2020 have seen astonishing growth of over 1,178% which is equivalent to over $270 billion.

According to the latest 2020 Dapp Industry Report by Dapp Radar, the Ethereum Decentralized Finance (DeFi) ecosystem accounted for 95% of all the transactions.

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SEE ALSO: Xend Finance, The First African DeFi Credit Union Platform, Launches an Incentivized Testnet on the Binance Smart Chain

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The report notes key 2020 trends that defined this DeFi boom:

• Dapp transaction volumes surpassed $270 billion with 95% accounted for by Ethereum’s DeFi ecosystem
• Total value locked amongst top Ethereum Dapps reached an all-time high of $13 billion
• Unique active wallets grew by 466% from 58, 000 in 2019 to 200, 000 in 2020
• Transaction volume grew by 1, 178% from $21 billion in 2019 to $270 billion in 2020
• The top 10 DeFi dapps accounted for 87% of all Ethereum transaction volumes of about $223 billion in 2020

• Uniswap was the unquestionable leader of the decentralized exchange (DEX) category of 2020
• Yearn Finance merged with other projects befoming the first merger of this sort to have been executed in the decentralized space and giving other dapps a template and impetus to follow the trend
• Dapp exploits and hacks resulted in over $120 million loss open up the emergence of insurance products in the space
• Rarible was the first NFT platform to embrace DeFi practices and introduce a governance token

• Rarible was the first platform to offer token farming with the NFT marketplace
• Although NFT transction volumes are relatively small at $63 million or 0.02% of the total across all categories, NFT dapps prove real potential
• Majority of tokens within DeFi and NFT dapps were governance tokens
• Yield farming inspired the DeFi ecosystem activity
• Wrapped BTC (wBTC) is the leading provider of tokenized bitcoin on Ethereum

• NFT sales drove dapp growth and show real potential
• The launch of Ethereum 2.0 looks more crucial to ensuring Ethereum’s leadership survival
• There were more than 17, 000 unique active wallets within the TRON DeFi ecosystem daily
• EOS generated more than 4, 000 unique active wallets daily
• In just 3 months, the Binance Smart Chain protocol generated approximately 10, 000 unique active wallets

The top Ethereum dapps with the most daily unique active wallets (DAUs) are:

• UniSwap – Approx 50, 000 DAUs
• PancakeSwap – Approx. 5, 000 DAUs
• SushiSwap – Approx. 1, 000 DAUs

The top TRON dapps with the most daily unique active wallets are:

• USWAP
• JustSwap

The top EOS dapps with the most daily unique active wallets are:

• Upland – 42% activity
• Crypto Dynasty – 16% activity
• Prospectors

2020 was also the year that Ethereum competitors came online. These include:

• Binance Smart Chain (BSC)
• Cardano
• Cosmos
• Polkadot

According to the report, the DeFi ecosystem is going to form the foundation of the crypto economy in 2011 for a number of categories.

Metrics also seem to suggest that the Binance Smart Chain (BSC) is quickly becoming a serious contender for Ethereum going forward as dapps launched on the blockchain continue to gather impressive attention within just months of its existence.

The report also predicts a regulatory battle for DeFi in 2021 as exposure to bitcoin and DeFi grows.

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RECOMMMENDED READING: [WATCH] Africa is the Future of DeFi, Says Cardano Blockchain CEO

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