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Dapp industry report: an overview of the first quarter of 2021.



In the first quarter of 2021, we saw the potential of the non-fungible token (NFT) market, which led to the growing interest in NFT technology, digital art and virtual world. Meanwhile, the DeFi ecosystem continues to lead the industry. In the first three months of the year, the blockchain industry proved that it wasn't just DeFi that was compelling. Source: Google Trends Ethereum’s high gas prices continue to be an issue across all verticals, so multiple DeFi, NFT, and gaming dapps have announced they will expand to other chains. Ethereum's competitors are as active-zce as ever. In the first quarter, Binance Smart Chain (BSC) proved to be Ethereum’s biggest competitor. Several top DeFi dapps have already migrated or announced that they will migrate to BSC. NFT and game dapps are more inclined to choose Polygon or Flow. In the first quarter of 2021, sales in the NFT market hit a record high. Both new and existing NFT projects have achieved unprecedented sales. The most traded of these was on NBA Top Shot, but the most impressive was a piece of art by Beeple that sold for more than $69 million. Finally, Ethereum’s DeFi ecosystem remains the largest in terms of total value locked (TVL), doubling its TVL in the first three months of 2021. At the same time, the TVL of the BSC DeFi ecosystem has also increased by 30 times. By the first quarter of 2021, the blockchain industry will grow by 639% year-on-year, and the number of daily active-zce unique wallets on all chains will reach 458,000. BSC has surpassed Ethereum in the number of daily active-zce unique wallets with 105,000 and 75,000 wallets respectively. Ethereum maintained its lead with a TVL of $54 billion. At the end of March 2021, Venus TVL has surpassed the TVL of Uniswap and Compound. NFT is facing a record high transaction volume, with the transaction volume exceeding 1.5 billion in the first quarter of 2021. BNB Chain launched a $10 million Gas Fee Incentive Program to support the growth of Web3 DApps: On October 26, according to official news, BNB Chain announced the launch of a $10 million Growth Incentive Program (Growth Incentive Program) to support the growth of Web3 DApps. The initial goal of the program is to support up to 100 projects in the fourth quarter, and each project will receive a gas reward of up to 800 BNB per month. BNB Chain promises to provide a total of 1 million US dollars per month to the participating teams to help them further acquire users and achieve growth. [2022/10/26 16:38:43]NBA Top Shot maintained its leading position and is the most important dapp in the NFT field, with a transaction volume of approximately US$500 million in the first quarter of 2021. Important Points Scalability issues drive dapp’s multi-chain layout Intense competition leads to leaderboard changes The NFT category has received a lot of attention. The hottest new NFT project in the first quarter of 2021. The new series is inspired by existing NFTs. Although we've seen fuel prices drop slightly recently, they're still relatively high. Therefore, the Ethereum project is exploring alternatives. And more and more popular platforms are deployed on Ethereum's competitors. Recently, Aave announced that it will explore new territories with Polygon. In early March, bZx and 1inch also announced their debut on Binance Smart Chain, followed by 0x and Matcha. SushiSwap is another expansion project that will enter the Avalanche ecosystem. News | Coinbase Wallet may remove the DApp browsing function to comply with Apple's App Store policy: According to theblockcrypto, Coinbase's mobile cryptocurrency wallet Coinbase Wallet may soon remove its DApp browsing function. According to Coinbase, it is removing the DApp browser functionality to "comply with App Store policies." [2019/12/29] DeFi Dapps DeFi dapps are not the only category looking for scalability solutions. Some NFT dapps have announced plans to migrate to layer 1 or layer 2 solutions like Flow and Ronin. So far, Polygon has proven to be the NFT platform of choice. NFT Dapp To sum up, in the first quarter of 2021, major top dapps announced plans to migrate to multiple chains, which had several impacts. First, it could significantly lower key Ethereum metrics in the future. Second, and most importantly, it may trigger increased activity in DeFi and NFT dapps. For the blockchain industry, the first quarter of 2021 is an exciting quarter. From the perspective of key indicators, the number of daily active-zce unique wallets increased by 639% year-on-year, from 62,000 in the first quarter of 2020 to more than 458,000 in the first quarter of 2021. Among them, BSC is the largest contributor, with an average number of active-zce unique wallets of 105,000. The chain also saw the largest increase in terms of active-zce standalone wallets in March, up 50% month-on-month. The Ethereum and Flow blockchains generate an average of around 75,000 and 53,000 active-zce unique wallets per day, respectively. This represents a 7% increase in usage in March alone. News | 1 new Dapp added today: According to DappReview data, 1 new Dapp is added today. EOS Dapp has 17,259 active-zce users, with a transaction volume of 78.46 million yuan (-3%); Tron Dapp has 29,862 active-zce users, with a transaction volume of 18.96 million yuan (-9%); ETH Dapp has 13,155 active-zce users, with a transaction volume of 15.49 million yuan (-3%) 18%). Dapp transaction volume in the past 24 hours: the highest EOS is "Whale Exchange" (transaction volume 42.34 million yuan); the highest Tron is "WINk" (transaction volume 8.75 million yuan); the highest ETH is "Uniswap" (transaction volume 3.15 million yuan). million yuan). [2019/12/2] Number of active-zce unique wallets on each protocol, unit: thousand Source: DappRadar Q1 2021 is memorable, Binance Smart Chain surpassed Ethereum in terms of daily active-zce unique wallets. Considering that several top dapps have announced plans for cross-chain migration, we may see the gap between BSC and Ethereum widen in the second quarter. One of the most high-profile layer-2 solutions, Polygon (formerly Matic), saw significant growth in Q1 2021. The number of daily active-zce wallets increased by 496% month-on-month, from 500 to 4,800. Deal volume followed this trend, growing 288% to $500 million in Q1 2020. Polygon: the number of active-zce independent wallets and transaction volume, unit: USD million The reason behind the growth is the DeFi exchange QuickSwap. QuickSwap generated 87% of Polygon’s total transaction volume (or $443 million). With OpenSea, Aave, and Aavegotchi all expected to join the Polygon ecosystem, we can expect further expansion of blockchain solutions. On the other hand, Polygon's activity is still far from the height of Ethereum and BSC. News | The largest number of active-zce Dapps in the first half of the year are lottery and high-risk categories: Today, DappReview released the Dapp data report for the first half of 2019. The report shows that in terms of Dapp categories, the lottery and high-risk categories were still the most active-zce Dapps in the first half of the year. For developers, the development cost of these types of Dapps is relatively low, the potential benefits are relatively objective, and the cost performance is undoubtedly the highest. Game Dapps are also developing steadily, but the user experience and playability are far from enough. [2019/7/1] In 2021, BSC proves to be a strong competitor of Ethereum. In just over six months, the blockchain has surpassed Ethereum in several key metrics. On the other hand, in the first quarter of 2021, Ethereum maintained its leading position in terms of total value locked and remains the most important blockchain in the DeFi ecosystem. Source: DappRadar and In Q1 2021, Ethereum's TVL grew QoQ from $21 billion to $54 billion. The largest contributors were MakerDao, Uniswap, and Compound, which accounted for 33% of the total value locked. By the end of the first quarter of 2021, BSC's TVL will be about $20 billion. Compared to the previous quarter's growth, TVL increased 30 times from $600 million to $20 billion. Although the TVL of Binance Smart Chain is still more than 2 times lower than that of Ethereum, according to, there are several BSC dapps whose data exceeds that of the top dapps on Ethereum. For example, as of the end of March, the TVL of the top BSC dapps, Venus and PancakeSwap, was around $6.3 billion and $5.7 billion, respectively. The TVLs of MakerDAO, Uniswap, and Compound are $6.6 billion, $5.7 billion, and $6.1 billion, respectively. This means that Venus has surpassed Uniswap and Compound in terms of total value locked. Dynamics | EOS Dapp transaction volume in the past 24 hours was about 3.17 million EOS: According to DappReview data, 9 new dapps were added today. In the past 24 hours, there were 137,619 EOS Dapp active-zce users, with a transaction volume of 3.17 million EOS/118 million yuan; Tron Dapp active-zce users were 68,892, The transaction volume is 350 million TRX/64.63 million yuan; the active-zce users of ETH Dapp are 11,407, with a transaction volume of 36,000 ETH/41.03 million yuan; the active-zce users of Steem Dapp are 12,583, with a transaction volume of 360,000 Steem/1.11 million yuan. [2019/4/15] All in all, BSC has launched a fierce competition with Ethereum in the DeFi ecosystem. Considering that DeFi dapps have widely expanded to BSC, we can boldly guess that it may not be too far for BSC to become the leader in all key indicators. The combination of DeFi and NFT The trend of NFT integrating financial concepts began in 2020. For example, the yInsure NFT on Rarible allows users to buy and sell insurance for certain DeFi projects. Of course, this insurance is limited, but the concept shows how NFTs can be used to create market liquidity. Aavegotchi is another game experimenting with the NFT concept. These assets are collectibles and digital assets. Recently, the number of daily active-zce wallets of Aavegotchi has exploded, surpassing 3,000. At present, Aavegotchi is already one of the top ten most commonly used dapps in the NFT field. Source: DappRadar Finally, Uniswap recently released an NFT "innovation". Uniswap v3 will use NFTs to tokenize liquidity positions. This is very important to the industry as it shows the path the industry is taking. This may also change the concept of DeFi projects, we are starting to see a stronger connection between DeFi and NFT. NFT transaction volume hits record high So far, it can be said that the theme of the first quarter of 2021 is all about NFT. In the first three months of this year alone, more than $1.5 billion was traded in this category. Although this is only a fraction compared to the DeFi ecosystem, the NFT market is growing rapidly at a rate of 2627% month-on-month. The biggest contributors were NBA Top Shot, CryptoPunks, and OpenSea, accounting for 73% of the total transaction volume. NBA Top Shot is still the number one dapp in the NFT field, attracting a lot of media and user attention. It generated nearly $500 million in revenue in the first quarter of 2021. While these numbers are impressive, its dapp’s figures in March were down from February. It's no secret that the rapid development of the platform has brought about technical issues, which in turn have created user retention and satisfaction issues. Although NBA Top Shot is still the leader in the NFT field, user retention and satisfaction will be an important challenge in the long run. As the most important dapp in the NFT field, Cryptopunk ranks second. In the past few months, its sales have driven a lot of active-zce data. In the end, third place went to the OpenSea marketplace. It ranks first in the secondary market category. Furthermore, its increased active-zce figures are mainly driven by the addition of new features such as NFT minting and airdrops. In addition, investor interest in OpenSea increased after OpenSea announced a successful round of financing. The high sales have brought the NFT category a lot of attention. The top 5 NFT sales also saw a surge. If you look at the top 5 sales in January, none of them exceeded $1 million in sales. The highest sales in February and March showed the true potential of NFTs, with sales exceeding $6.6 million and $69 million, respectively. In addition, sales of cypherpunks have also exploded, with individual punks selling for more than $7 million. Source: DappRadar NFT Webpage Hottest New NFT Projects in Q1 2021 A large number of new NFT projects have emerged in Q1 2021. The trend of digital collectibles has been going on for a long time, but the launch of Hashmasks is the beginning of a new wave.


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