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Dapp Radar Report: Overview of the Dapp Industry in April 2021



April 2021 will undoubtedly be exciting for the decentralized application industry as the decentralized finance (DeFi) ecosystem continues to lead the way, and the non-fungible token (NFT) market is also flooded with excitement. Excited for a great value sale. At the same time, cryptocurrency prices peaked. Bitcoin reached an all-time high of $64,000 and Ethereum hit $3,000. Although ethereum’s gas price dropped in late April, it is now the fourth-largest blockchain in terms of unique active-zce wallets. Ethereum's leadership has been taken away by three very different competitors. Thanks to the growing popularity of the Alien Worlds game, WAX has claimed the top spot, with more active-zce wallets than Ethereum and Flow combined. And of course, there’s Binance Smart Chain (BSC), which was the second most used blockchain in April. The DeFi ecosystem saw a sharp rise in April. Although Ethereum is still irreplaceable in terms of DeFi TVL, the vast majority of value is driven by the rising prices of ETH, BTC, and other cryptocurrencies. Meanwhile TVL has doubled on Binance Smart Chain, driven by Venus and PancakeSwap. Source: Google Trends The NFT market saw a decline in trading volume in April. According to Google Trends, interest dipped in the middle of the month. One of the reasons for the decline in NFT interest is NBA Top Shot and its ongoing user retention issues. Still, the industry has seen some high-value sales, with some NFTs selling for over $5 million. In terms of transaction volume, CryptoPunks replaced NBA Top Shots, which is still the most active-zce dapp in the NFTs field by virtue of its independent number of active-zce wallets. Table of Contents April 2021 – Key Takeaways Ethereum’s Competitors Are Still Hitting BSC Remains Very Focused on DeFi Polygon Rapid Growth Ethereum: Leading TVL NFT Market Competition Increases NFT Volume Declines SportsIcon Completes $5.5M Seed Round of financing, Dapper Labs and others participated in the investment: On November 25, NFT sports platform SportsIcon announced the completion of a $5.5 million seed round of financing. Investors include Dapper Labs, AU21 Capital, Vinny Lingham, Elefund VC, Fourth Revolution Capital, Vendetta Capital, FishDao, Techstars, etc. [2021/11/25 7:10:18] WAX shows its potential on NFT Big brands have joined the NFT craze April summary In April, the blockchain industry grew by 158% year-on-year, among all chains, daily independent The number of active-zce wallets reached 1 million. WAX, BSC, and Flow have surpassed Ethereum in terms of daily unique active-zce wallets. WAX accounts for half of the daily unique active-zce wallets in the blockchain industry. Ethereum generated $70 billion in TVL, maintaining its leadership in the DeFi space. The TVL of Venus has surpassed MakerDAO by $200 million. The key indicators of NFT have declined, mainly due to the decrease in activity of NBA Top Shot. Transaction volume fell from $217 million to $83 million per month. Although the activity of NBA Top Shot has declined, Flow is still in the leading position in the NFT field, with more than 60,000 daily traders. WAX is also not to be ignored, with over 18,000 daily NFT traders. The biggest pushes were Alien Worlds, Atomic Market and the newly launched Topps MLB. In April 2021, the blockchain industry grew by 158% month-on-month in terms of independent active-zce wallets. The entire blockchain industry has over 1 million active-zce wallets across all blockchains in the past month. Surprisingly, the biggest contributor is the WAX blockchain. This NFT-centric blockchain accounts for about half of all chain activity, equivalent to more than 500,000 independent active-zce wallets. The biggest reason behind this growth is the game Alien Worlds, which relies heavily on yield farming to provide gamers with a source of income. Dapper Labs Launches Focus on Building Tools for DAOs, or Decentralized Autonomous Organizations: Jinse Finance reports that Dapper Labs has launched a new business unit focused on building tools for DAOs, or decentralized autonomous organizations. The company acquired Brud, the startup behind virtual influencer Lil Miquela. Brud's Trevor McFedries, also founder of DAO Friends With Benefits, will lead the division. (Decrypt) [2021/10/4 17:23:59] Number of independent active-zce wallets on the protocol, unit: thousand Source: DappRadarBSC is the second most active-zce blockchain, and its user base increased by 61% in April . Although Binance recently announced a major move into the NFT field, the DeFi ecosystem is still a great driving force for the development of BSC. DeFi dapps are still responsible for 96% of all blockchain activity on BSC. Meanwhile, Flow is the third-ranked blockchain, although 99.9% of its activity is driven by NBA Top Shot. Despite dropping to No. 4 based on its unique number of active-zce wallets, the Ethereum blockchain still ranks first in terms of Total Value Locked (TVL). On Ethereum, transaction volume increased from $114 billion to $148 billion, even though that value came mostly from token price increases. Although the gas fee is expensive, we can only conclude that DeFi users on Ethereum have invested a lot of money, and perhaps feel safer locking funds, both of which make the gas fee of $50 acceptable. within range. Polygon is one of the most important layer 2 solutions tracked by DappRadar. Usage increased almost 5x in April, growing from over 4,000 unique active-zce wallets to 20,000. The activity is mainly driven by several dapps: QuickSwap, Aavegotchi, and Aave. NEAR Protocol has also shown an increasing trend in terms of independent active-zce wallets. The launch of the Rainbow Bridge helps the NEAR protocol connect to the Ethereum ecosystem. The technology will allow assets to flow between NEAR and Ethereum, which could be an incentive for developers. The founder of Dapper Labs will serve as a consultant and strategic investor of Blocto: On April 23, Blocto officially announced that Roham Gharegozlou, founder of Dapper Labs, will become a consultant and strategic investor of Blocto Wallet. [2021/4/23 20:52:34] Data collected by DappRadar from CoinGecko Market capitalization, unit: US$ billion From the perspective of market capitalization, BNB, the native token of Binance Smart Chain, has undergone some major changes. In April, the market value of BNB ranked third. Polkadot (DOT) is also showing impressive growth and will be introducing the USDT stablecoin on Polkadot and Kusama. This may help the development of both chains. Stablecoins have become an important element in the DeFi space, and USDT has been the largest stablecoin in the industry so far. All in all, Layer 1, Layer 2, and sidechain solutions are all gaining traction. Notably, layer 1 solutions such as BSC, Wax and Flow lead the way. On the other hand, sidechain solutions such as Polygon are also seeing impressive growth. Overall, all of this suggests that Ethereum will face stiff competition now and in the months to come. Dapp developers on Binance Smart Chain are still mainly focused on decentralized finance. Of the 440 dapps on BSC, 320 are part of the DeFi ecosystem. At the same time, a large number of new DeFi dapps are added every week, but most of the activity is concentrated on a few platforms: PancakeSwap, Pancake Bunny, Venus, and ApeSwap, etc. ApeSwap performed better on multiple metrics. At the end of April, the number of unique active-zce wallets increased from 4,000 to around 15,000. Caused dapps native token BANANA to grow from $1 to over $10. Overall, BSC is very focused on DeFi. But on the other hand, Binance recently plans to release its own NFT market, which means that Ethereum's NFT market will face broader competition, in addition to Wax, Polygon and Flow. News | ChainX sets up a $100,000 fund: Create the first Bitcoin DAPP: The official announcement of the cross-chain project ChainX will invest more than $100,000 to establish a contract development foundation, intending to create the world's first Bitcoin Dapp, promote the development of Bitcoin applications and landing. ChainX said that whether you are an individual or a team, as long as you are trying or preparing to develop Dapp based on BTC, have experience in smart contract development such as Ethereum and EOS, are interested in the DeFi field, and are interested in ChianX Bitcoin smart contracts, you can apply for the contract development fund. It is understood that on November 16, 2019, ChainX released the world's first Bitcoin smart contract platform test network Taosim, developers can deploy contracts based on BTC and create Dapp products. [2019/12/12] Polygon is leading the competition in the layer-2 field, and its token price has also risen accordingly. As mentioned earlier, in April, there were more than 20,000 unique daily active-zce wallets on Polygon. The reasons behind this growth are twofold. First of all, Polygon can provide fast transactions and low transaction costs, bringing users a better experience with less gas fees. Second, the platform has managed to attract key players in the Ethereum ecosystem. Polygon not only attracts new products, but also their community, thereby promoting the growth of active-zce data on its chain. The top three dapps are QuickSwap, Avegotchi, and Aave, which have over 12,000, 2,200, and 1,500 active-zce unique wallets respectively. There is no doubt that Polygon has a bright future not only in the DeFi ecosystem, but also in the field of games and NFT. The network has an ambitious plan, such as moving NFT projects to layer-2, which may help more users migrate to Polygon in the near future. Despite growing competition from layer 1 and layer 2 solutions, Ethereum has reached several important milestones. The total value locked in Ethereum DeFi dapps exceeds $70 billion. The biggest reason for the increase in TVL is the surge in cryptocurrency prices. Some believe that this price increase was triggered by an upcoming network update and increased interest from institutional investors. Blockchain has released a beta version of a network update called Steklo in an attempt to improve transaction speed and efficiency and reduce costs. News | Tron will release dApps development tools: According to ambcrypto news, the Tron Foundation recently announced the release of TronWeb, which will connect user projects to the Tron blockchain. In addition to the release of TronWeb, the foundation also confirmed that they will be releasing another tool called TronBox soon. Both TronWeb and TronBox will allow developers to create dApps. [2018/9/21] On Binance Smart Chain, the total value locked exceeds $40 billion. Although the BSC TVL is still much lower than the Ethereum blockchain, its TVL growth rate is 3 times that of the Ethereum blockchain. In April, BSC TVL increased by 126%, while Ethereum TVL increased by only 27%. Source: DappRadar and observations The highest-ranked dapp on Binance Smart Chain, Venus even surpassed MakerDAO, the top-ranked DeFi dapp on Ethereum. Although the gap is small, it also shows the real potential of BSC DeFi. Overall, combining the trend of Ethereum dapps expanding into layer 1 and layer 2 solutions and BSC's current growth rate, it may not take too long for BSC to gain a leading position in terms of TVL. There are even claims that the future of DeFi does not depend on one or two blockchains. In April, there were a number of large funding announcements, the largest of which came from Dapper Labs, the team behind NBA Top Shot and the Flow blockchain. They raised $305 million. To enter the Polkadot ecosystem, Enjin raised $18.9 million. SuperRare has attracted $9 million in funding in its Series A round. Clearly investors believe that the current craze surrounding NFTs and digital collectibles has only just begun. NFTs: Number of transacting users across protocols In terms of NFTs and the number of transacting users, three blockchains stand out: Flow, Wax, and Ethereum. Currently, Flow ranks first in the NFT market, with 60,000 active-zce wallets trading NFT every day. The latest round of investment from Dapper Labs, the partnership with Genies, and the success of the NBA Top Shot make Flow a serious contender for the No. 1 ranking in the coming months. Currently ranked second is Wax, which has seen a phenomenal increase in activity data due to two dapps, Alien Worlds and Atomic Market. These two dapps account for more than 70% of all NFT active-zce data on the Wax blockchain, followed by Simple Market. Overall, by the end of April, the Wax blockchain had 18,000 daily active-zce transacting users.


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