Editor's Note: The original title was "Dapp Market Report for the First Quarter of 2020". This article has been abridged.
Introduction: In the first quarter of 2020, the global market experienced too many black swan events, the new crown pneumonia, the global stock market plunge, and Bitcoin fell more than 20% for two consecutive days. The macro environment also has a direct impact on the development of the Dapp industry.
Q1 core highlights
- The Dapp market transaction volume in the first quarter was US $ 7.9 billion, an increase of 82.2% from the same period last year. Among them, Ethereum, TRON and EOS accounted for 99.1% of the market.
- Ethereum-based DeFi projects are the main growth point, an increase of 778% over the same period last year
- Last year's hot lottery dapp transaction volume fell by 64.58%
- The number of active addresses in the first quarter decreased by 22.1% from the same period last year
- The number of new Dapps in the first quarter was 254, which was only 39.6% in the first quarter of 2019
- In the fields of games, NFT, and encrypted art, many innovative products have gradually landed.
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- Who is using DApp? ETH/EOS/TRON user portraits are all secret
This report is divided into two parts. The first part focuses on data charts to visually show the development trend of the dapp industry in the first quarter and gain insight into the connotation value behind the numbers. The second part is a summary review of key projects and hot events in the dapp industry in the first quarter, helping you sort out the latest developments in the industry.
Ethereum's total dapp transaction value for Q1 in 2020 was US $ 5.64 billion, an increase of 652% from the same period last year (US $ 740 million). The main source of growth was DeFi projects. Since 2019, DeFi has gradually grown into the largest transaction branch on Ethereum with rapid development. It is worth noting that in the DeFi project transactions, the proportion of native token ETH is not large, most of it comes from ERC-20 tokens (such as WETH, DAI, USDC, etc.).
ERC-20 tokens contributed USD 4.74 billion in transaction value, accounting for up to 84%. On March 12, the cryptocurrency market fluctuated violently, and the daily transaction volume of the Ethereum dapp reached a historical peak of US $ 326 million, mainly from MakerDAO and dYdX and other DeFi projects.
In Q1 of 2020, Ethereum dapps still maintained a good diversity , and the transaction volume of games, lotteries and other dapps remained the same as last year; the transaction volume of financial and transactional dapps rose sharply.
In this article, we classify lending projects (such as Maker, Compound, bZx) and derivatives projects (such as Augur, etc.) into finance (Finance), and decentralized exchanges (such as Kyber, Uniswap, etc.) are classified as Transaction (Exchange). These two types of projects are collectively called the DeFi category.
Compared with the same period in 2019, in the first quarter of 2020:
- Financial dapp transaction volume reached 2.95 billion US dollars, an increase of 1,743%
- Exchange dapp transaction volume reached 2.34 billion US dollars, an increase of 430%
In terms of active addresses, the average daily number of active addresses in Ethereum in the first quarter of this year was 16,763, a year-on-year increase of 55.86%, mainly from financial dapps and high-risk dapps (namely Ponzi games such as Doubleway and MillionMoney). If the high-risk type is removed, the average daily active address number is 12,505, a year-on-year increase of 23.55%.
The total number of active addresses for Q1 ETH in 2020 is 422,871, and there are 243,252 addresses with risk dapps, accounting for 52.29%, mainly from Doubleway and MillionMoney (funded game). According to observations, there are a large number of addresses from the behavior point of view, belonging to the brush robot.
As DeFi application scenarios continue to increase, a total of 31,299 addresses used financial dapps in the first quarter of this year, a year-on-year increase of 234.86%. Lottery dapp transactions were the same as last year, but the number of active addresses rose by 39.88%.
In 2020, there were 641 active dapps in Q1 Ethereum, which is 173 fewer than Q1 in 2019.
- There are 33 active dapps in finance, an increase of 18 from last year.
- There are 72 active dapps in trading, which is the same as last year.
- There are 180 active dapps in the game category, a decrease of 42 from last year. It is still the category with the most active dapps.
- There were 71 active dapps in the lottery category, which suffered a cut compared to the same period last year (146).
EOS ’s dapp ecosystem still has not recovered from EIDOS ’s mining behavior. The total transaction volume of EOS in Q1 in 2020 was US $ 1.74 billion, which was only a decrease of 11.67% compared with the same period of last year, but the number of daily active addresses dropped from 85,316 to 11,402 , Shrinking by 87%.
Similar to TRON, the lottery Dapp was also the main force of EOS ecology. In Q1 of 2019, the draw dapp transaction amounted to US $ 1.61 billion, accounting for 79.67%. In the first quarter of this year, the draw dapp transaction volume was only US $ 400 million, a decrease of 74.95%. On the contrary, the transaction volume of transaction Dapps increased by 226.26%, accounting for 72.55% of the total transaction volume of Q1 in 2020, making it the largest Dapp category in EOS transaction volume.
The adverse effects of EIDOS on on-chain transactions also directly affect game Dapps and lottery Dapps, resulting in a large number of Dapp project parties choosing to leave the EOS ecosystem.
- Game Dapp transaction volume decreased by 86.30%, and total active addresses decreased by 42.58%.
- Lottery Dapp transaction volume decreased by 74.95%, and total active addresses decreased by 86.01%.
- Risk Dapp transaction volume increased by 10.94%, active users increased by 146.09%.
There are 406 active dapps in Q1 of EOS 2020, and only 19 new dapps. The number of active dapps in the lottery category is the largest, 184, which is 95 fewer than the same period last year. There are 69 active dapps in the game category, which is 5 fewer than the same period last year. There are 88 other dapps, an increase of 16 from the same period last year. Judging from the number of active addresses, Ethereum occupies the main force of games, exchanges and finance, and TRON is the leader in the lottery.
From the perspective of transaction volume, Ethereum ruled DeFi (that is, the financial category and the exchange category), EOS and TRON jointly divided the lottery transaction volume, in addition, EOS also has a certain market share in the transaction category.
In addition to ETH, TRON, EOS, there are 4 public chains in the first quarter of this year, Dapp transaction volume exceeded 10 million US dollars.
NEO is an early open source public chain, independently developed by China. Last year, many high-quality blockchain game projects joined Neo, including Blockchain Cuties, NeoFish, XPET World, etc. In the first quarter of this year, 0xGames announced the integration of two chain games, 0xWarriors and 0xRacers, on the Neo blockchain. Starting from April 1, all pre-sale activities of 0xRacers on Neo will be 50% off. NeoFish, another casual game based on Neo, also adds Staking mode to integrate the DeFi mechanism into the game.
In Q1 2020, there are 28 active dapps on Neo, with a total transaction value of US $ 11 million. On July 28, the daily transaction volume reached a peak of US $ 555,000, most of which came from the decentralized exchange Switcheo.
Earlier this year, the Neo Foundation made an equity investment in Switcheo. Switcheo will allow Neo GAS tokens to be used as transaction fees to increase support for the Neo ecosystem.
More and more interesting dapps are joining the Neo ecosystem, such as Novem. This project tokenizes physical gold to provide users with a more secure and convenient gold trading and storage experience.
In March of this year, the official website of DappReview officially started tracking the DCON data of ICON blockchain, providing professional and detailed data analysis services for ICON users.
The ICON network is a universal blockchain protocol that can run smart contracts, and its token is called ICX. ICON adopts the BFT-DPoS (Delegated Proof-of-Stake Delegated Proof-of-Stake Proof-of-Stake) consensus protocol and adopts an economic governance protocol called DPoC (Delegated Proof-of-Contributio Delegated Proof of Contribution).
In Q1 of 2020, the total transaction volume of ICON dapp was 19 million USD. ICON has 7 active dapps on the C side, including DAO platforms like ICONBet and ICON Vote. Most of the transaction volume in the first quarter was contributed by ICONBet. In addition, STAYGE is an inspiring community for Hallyu music fans, and it has the largest ICON user base.
IOST is a high-performance blockchain based on "proof of confidence" (PoB). In Q1 2020, IOST has a total of 34 active dapps, of which the game category and the lottery category are the main categories.
In Q1 2020, the total transaction volume of IOST dapp will be USD 10 million. On January 16, the daily transaction volume reached a peak of $ 701,000, and most of the transactions were from the dapp iPirates in the lottery.
TomoChain is an innovative solution to the scalability problem of Ethereum. In Q1 2020, TomoChain has a total of 15 active dapps, of which the lottery category is the most important category.
TomoMaster is the most popular dapp, and it is also TOMO's official governance dapp. In Q1 2020, the total transaction volume of TOMO dapp was 12.92 million USD. The peak daily transaction volume was $ 838,000.
Q1 Review and Outlook
Despite the global market panic and sell-off in the first quarter, the dapp industry has maintained a good development trend, and many quality projects have emerged. The following is a list of Q1 project updates, definitely not to be missed. (Due to limited time, the list may not cover all important events / updates / projects, if you want to add more content, please leave us a message)
Skyweaver developer Horizon received an investment of $ 5 million early this year, led by Initialzed Capital, followed by Consensys, CMT Digital, Regah Ventures. Skyweaver ended its pre-season testing and opened its 0th season on March 20th. At the same time, the project also added many new elements, including 5 new heroes, 100 new cards and a new season matching system.
Blockchain sandbox game The Sandbox project, Animoca's TSB Gaming announced that it received an investment of US $ 2.01 million at the end of last year. Investors include Square Enix, B Cryptos, and True Global Ventures. Since then, Sandbox has performed frequently. In February and March of this year, it launched the second and third rounds of land pre-sales. It also cooperated with the arcade game giant Atari, the well-known blockchain RPG game Neon District and Opera browser. Or the organization reached a cooperation in order to build its own ecosystem from mainstream social channels, game community operations and wallet application support.
The blockchain virtual world game Decentraland was officially launched on February 20, and a 4-day treasure hunt was launched. During this period, players can explore between the maps, looking for treasure chests to get rewards. The rewards include Decentraland's universal trading currency MANA, as well as the NFT of some character clothing. On March 20, the avatar named "Crypto" on Decentraland was sold at the price of 61,550 MANA at the exchange rate at the time, and was worth US $ 1,500.
Axie Infinity is a cute pet collection game. In Q4 2019, the Alpha version of the battle mode was opened. In the Q1 this year, the Infinity Cup was held. It has entered the third season and the prize is DAI. In addition, Axie Infinity also integrated the Kyber agreement to accept ERC20 tokens to purchase NFT.
Sorare is a blockchain-based football card game. It has cooperated with many well-known football clubs including Juventus, Atletico Madrid, West Ham and Lyon to jointly issue players' NFT cards. On February 26, the Juventus Player Card Pack set a new sales record for 10.992 ETH.
Nine Chronicles is a blockchain RPG game developed by French gaming giant Ubisoft and startup Planetarium. The project will be tested internally in mid-April. The plot of the game takes place in a fantasy world where players can explore dungeons and make crafts for trading. Players who want to participate in the closed beta can already submit an application.
My Crypto Heroes
In February 2020, My Crypto Heroes announced a partnership with CryptoSpells to allow players to convert NFT assets between different games. At the end of February, the number of My Crypto Heroes users exceeded 100,000. From March 9th to March 23rd, the game and the second attack of Tezuka IP will be launched, and players will have the opportunity to obtain NFT of many well-known character images.
Brave Frontier Heroes
Brave Frontier Heroes, a new game developed by My Crypto Heroes developer doublejump.tokyo, was officially released on January 30. Once released, it received a huge response. In the first quarter, 9 rounds of qualifying were successfully held. In the land sales that started on March 30, the legendary land was sold out within 3 hours.
The blockchain card game Gods Unchained launched the Flux & Fusing function on February 20, which enriched the game's play to earn mechanism. However, due to the network blockage after the ETH plunge, the Fusing function is temporarily unavailable. On March 24, 151 new cards were added to the GU expansion pack, and the game content was further expanded.
The virtual reality game Somnium Space developed rapidly in the first quarter of 2020. After integrating the MetaMask wallet and circulating currency Somnium Cubes on the CoinPark exchange, Somnium Space launched a version 2.0 VR virtual world game on February 21. In the subsequent land sale, all 25 pieces of land were sold out and a total of 110 ETH of sales revenue was obtained. Currently the in-game currency Somnium Cubes can also be purchased directly on OpenSea.
F1 Delta Time
Blockchain racing game F1 Delta Time won 91ETH in the auction of the new model China Edition 2019 Azure Dragon. From February 25th to March 9th, the game opened its first official box sale, selling 2,375 boxes and reaping more than US $ 36,400, which immediately became the highest trading Dapp on OpenSea. The game's time trial mode was officially launched on March 30. As a small game, the time trial mode gives players the opportunity to conduct a track test of their racing NFT in advance before the full version of the game is launched.
On March 27th, the decentralized exchange OpenSea announced support for embeddable NFT, that is, users can embed NFT on their own blogs or websites for display by generating links on OpenSea. OpenSea is calling on bloggers and website owners to display their NFT collections in this way.
Earlier this year, OpenSea co-founder Devin released the "NFT Bible", which is the most comprehensive and insightful article in the NFT field to date. highly recommended.
Blockchain virtual world game Cryptovoxels released version 2.22.0 on January 6, when more than 2,000 plots (called parcels in the game) were sold, and then various transactions and game activities on Cryptovoxels began to occur frequently. On February 6, Cryptovoxels' NFT transaction volume exceeded Decentraland for the first time. It was the largest blockchain virtual world game before. The NFT transaction volume for the week was close to $ 400,000.
Cryptovoxels also carried out various events such as the opening of VR galleries, concerts and VR parties, as well as an art auction with a total amount of more than US $ 3,000. The auction revenue will be donated by Australian fire. At the end of March, version 3.19.5 was officially released.
As one of the largest encrypted art platforms in the circle, SuperRare already has more than 5,000 works of art, among which XCOPY has become the first artist whose work sales exceed 200 ETH. In mid-March of this year, SuperRare once became the NFT type application with the largest weekly transaction volume.
Async.Art is an encrypted art auction site. The project completed its update on February 26 and opened its first auction transaction. The first auction is a programmable encrypted artwork "First Supper". On February 28, "First Supper" was sold at 103 ETH, creating a history of encrypted art.
Avastars is an avatar-based NFT collection project based on Ethereum. On February 7th, the pre-sale started on the Opensea platform, and the NFT worth 183ETH was sold within 4 days. Each Avastar is composed of randomly generated hairstyles, skin tones, mouth and other features. Users can choose their favorite collocations and generate NFTs for collection. At the end of March, Avastars announced that the project will be officially launched and launched more feature sets.
In the first quarter of this year, Maker released the "Dai Game Project" to promote the application of DAI in games. Axie Infinity, Forgotten Artifacts, SkyWeaver and other games have integrated DAI. On March 12, the plunge in Ethereum price caused Maker to generate a large amount of assets to be liquidated. Due to the low gas value set by the Keeperbot, the network congestion and high GAS fee of Ethereum blocked the bid. Keeper) where no competitor wins the auction at 0DAI. Then Maker launched the liquidation freeze module and launched the first debt auction to pay off nearly $ 5 million in debt. In late March, the Maker Foundation announced that it would completely transfer control of MKR tokens to token holders.
Uniswap announced that it will release the V2 version in the second quarter. Its new features include support for any ERC20 / ERC20 trading pair, optimization of price oracle, and lightning loan function. In March, when the currency price plummeted, Uniswap's 24-hour trading volume actually reached $ 53 million.
Crypto wallet Dharma has deployed a new smart contract system: dTokens, dToken holders will receive 90% of the interest income earned by cToken. Afterwards Dharma released the P2P transfer function, which allows users to send and receive dollars.
NFT loan platform Rocket issued 4 loans (one was extended), and the collateral includes (DAI, Decentraland assets and encrypted artworks). Subsequently, Rocket and Bullionix cooperated to issue five "digital jewelry" NFTs endorsed by gold.
Through the introduction of USR, users can deposit USDx into the USR contract to obtain deposit interest. If they deposit interest-bearing agreements that support both USDx and USR (such as Lendf.Me), users will receive double-layer interest. Lendf.Me added support for DAI and BUSD.
On February 14, the bZx team issued an announcement on the official telegram group, saying that a hacker carried out a vulnerability attack on the bZx protocol, causing part of the loss of ETH; on February 18, bZx was suspected of experiencing a second attack, the difference is this The object is the ETH / sUSD trading pair. The two attacks were totaled $ 1 million, exposing the hidden dangers of DeFi's systemic financial risks. In order to avoid the recurrence of attacks, bZx cooperates with Chainlink to adopt a distributed oracle solution to avoid risks.
In late January, Kyber's cumulative transaction volume exceeded 500 million USD, and the cumulative transaction volume exceeded 600,000. At the end of February, KNC tokens were launched on Coinbase Pro, which not only increased the liquidity of KNC, but also greatly expanded the user base participating in the governance of KyberDAO. Katalyst is a major agreement upgrade plan for Kyber this year to better meet the liquidity needs of the DeFi ecosystem, and has been deployed on the test network.
Compound launched a multilingual version in the first quarter, and the Chinese version has been opened. In February, Compound commissioned a third-party platform, Gauntlet Networks, to conduct a stress test. The results showed that it can increase the total borrowing size by 10 times without significantly increasing the risk, and the probability of default is less than 1%. In early March, Compound deployed the governance token COMP, but the token has not been used for governance. Until the decentralization is completed, the COMP token will not be open to the public.
PoolTogether is a lossless lottery project. It invests the collected funds into Compound to earn interest, and then distributes the interest to the lottery winners, and refunds the participation fees of the remaining participants. PoolTogether announced in February that it had raised $ 1 million from IDEO CoLab Ventures, ConsenSys Labs and DTC Capital. At the end of February, PoolTogether also minted plDAI and plUSDC tokens representing lottery ownership and proof of deposit, allowing participants to transfer PoolTogether's lottery tickets to friends and family.
dYdX's trading volume increased significantly in the first quarter and reached a record high in single-day trading volume on March 9. The 24-hour trading volume exceeded $ 17.75 million, providing more than $ 36.2 million in funding for the platform and lending $ 13.5 million. From March 10th, dYdX will charge a certain percentage of transaction fees for transactions on the platform.
As the first DeFi project on Cosmos, Kava launched the CDP testnet on February 5. After that, it cooperated with the blockchain social media platform Commun to establish the Kava community. In March, we cooperated with Chainlink, the oracle machine project, to create a safe and reliable decentralized financial product. At the end of March, Kava announced that Testnet 5000 was ready, which marked the first cross-chain transfer between the two Cosmos chains and also the last and most important step in the birth of USDX on BNB.