The total value of transactions in decentralized applications of the Ethereum ecosystem reached $270 billion in 2020. The growth of the index was 1178%.
„2020 was a record year for the blockchain industry. The volume of dapp transactions exceeded $270 billion, 95% of which was generated by the Ethereum-based DeFi ecosystem.“
According to DappRadar, the total value of transactions for 2019 was $21 billion.
There has been an influx of funds into the Ethereum ecosystem throughout the year. Evidence of this is the growth of the ETH exchange rate from 0.018 BTC to 0.028 BTC, and the reason is the attractive rates of return in DeFi-services. Bitcoin-on-the-air protocols like WBTC and renBTC have played a significant role in this process.
The report also states that 87% of Ethereum’s total transactional volume comes from just 10 dapps.
Among the main limitations to the development of Ethereum and the ecosystem based on it, experts named the problem of scalability. One of its signs is expressed by a significant increase in the average price of gas.
The high cost of Ethereum transactions in the second half of 2020 has hardened competition between dapp platforms. Activity increased in Binance Smart Chain, Tron, Wax and other systems.
DappRadar experts counted more than $120 million in user losses as a result of 12 hacking attacks using bugs in smart contracts, many of which were not audited.
„Insurance will be the next important subcategory of the DeFi-ecosystem,“ the researchers suggested.
The NFT marketplaces category showed moderate growth during the year. Activity in the „Gaming“ category remained virtually unchanged, while „Gambling“ showed a slight decline.
Researchers are convinced that decentralized finance (DeFi) projects will be the main driver of the crypto economy in 2021.
Earlier ForkLog reported that the number of active users of ten popular dapps on Ethereum exceeded 1 million.