A flash report from DappRader on the performance of blockchain networks in the Dapp ecosystem confirms that in the second quarter of 2020, Hive blockchain network recorded the best daily active growth rate, and TRON also presented significant progress, however, the daily active wallets on Ethereum saw a decline.
Despite the retrenching forces of the COVID-19 pandemic, activities in the overall Dapp ecosystem in Q2 2020 surged by 22%
Hive transcends its major competitor in the ecosystem, Steem, having recorded 211% growth in Q2. At the end of Q2, Hive already had over 9,700 daily active wallets on its network while Steem caters for only 4,007 wallets as it witnessed a decrease of 27% compared to Q1 2020.
While Steem used to be and remained ahead of Hive till May 2020, the sudden revolution was caused by a migration of Dapps like Spinterlands from the Steem network to Hive, the report confirms.
TRON Leads the Dapp Industry with Significant Growth in Q2
The strong tussle between the top three largest blockchain networks in the Dapp sector ended Q2 with TRON emerging as the leader. Having presented over 25,000 daily active wallets at the end of Q2, TRON’s daily wallet activities surged by 26%, and an overall 59% YoY growth was also recorded.
TRON registered over 580% increase in the DeFi sector as its daily active wallets in this category grew from 74 in Q1 to 506 Q2.
However, the report claims a large percentage of the growth on TRON network can be traced to high-risk Dapps influx into the blockchain.
Ethereum Daily Dapp Activity Drops by 6%
Q2 2020 wasn’t sumptuous for Ethereum in the Dapp sector due to the reduction in the daily activities performed on the network.
On the account of the high gas fee on the network, a number of gaming Dapps have been forced to migrate away from Ethereum network. Ethereum’s daily Dapp activities declined by 6% in Q2 2020 with the exit of gaming Dapp accounting for the majority of the plunge.
The daily active wallet on Ethereum dropped to 1,700 from the 10k daily wallets recorded in Q1, representing 83% decline.
However, Ethereum network was favored by growth in the DeFi and DEX space in Q2. In the DeFI sector, Ethereum saw 233% growth rate in the volume of its daily activities in Q2 and 564% YoY growth rate. Ethereum also recorded 25% DEX daily active wallets and 15% year-on-year growth.