DappRadar Finds $3.8 Billion Of Hidden Activity On Ethereum (ETH) Network

November 25, 2019 / by Crypto.IQ

DappRadar, which is perhaps one of the most popular sites for tracking the activity of the decentralized apps (dApps) on the Ethereum (ETH) network and other major blockchains, has discovered $3.8 billion of ‘hidden’ activity by analyzing token activity within smart contracts and user’s addresses.

Previously DappRadar simply counted up the number of users and the Ethereum (ETH) volume to gauge dApp activity, but now the volume of tokens is being accounted for as well. This finding reveals that there is in excess of $5 billion of activity on the Ethereum (ETH) network annually, which is between $10-20 million per day.

Previously exchanges were found to have $9.9 million of volume per week when tracking just Ethereum (ETH) volume, but when including tokens this number jumps to $49.9 million. Exchanges were by far the most active dApp category, with gambling being in 2nd place with $7.3 million of volume per week.

Even with the increased volume found across the network, it has been revealed that collectibles, like CryptoKitties, have practically no volume at all with less than $3,000 per week. Games had $265,000 of weekly volume, and marketplaces only $137,000 of weekly volume. 

There is also the ‘other’ category, which jumped from $9 million to $42.5 million of weekly volume when token activity is included. This category primarily consists of popular lending platform MakerDAO, which alone has $30 million of volume. Compound and dy/dx, which are also borrowing and lending platforms, have $10 million of volume each.

Overall, it seems that Ethereum (ETH) dApps are more active than previously measured based on this new data, although most of this activity is concentrated around exchanges and lending platforms as well as gambling, with all other categories of dApps having low levels of activity.