According to a report by blockchain analytics platform, DappRadar, the top 10 DApps have crossed the million-mark number of active users over the past 30 days. This follows the DeFi, or decentralized finance, ecosystem experiencing a second wave bubble – as these dApps expectedly contributed to over 94% of the total 1,017,760 daily active users on average over the past month.

In the top ten dApps, six are from the ‘DeFi and Exchanges’ category, two from High-Risk, one Marketplace, and one from the Gaming category.

Over the past month, the DeFi field has experienced a kind of resurgence; hence the latest milestone crossed by dApps on Ethereum. Despite 1 million users sounding small in comparison with traditional applications, this “turning point justifies that DeFi may have given Ethereum the killer dApps it needed,” the report states.

The ‘DeFi and Exchanges’ category dominating in the number of users is not a shock, given the ecosystem's steady rise across 2020. As of the time of writing, six of the top 10 dApps on Ethereum hail from the DeFi space, including Crypto.com’s DeFi swap, Compound, Uniswap, wBTC, Synthetix, and dYdX. These dApps contributed over 94% or 970,150 of the total active users in the past 30 days.

The top three dApps – Crypto.com, Uniswap, and Compound – accounts for the largest number of users across the Ethereum dApp ecosystem, with a total of over 930,000 users. Respectively, the dApps recorded an average of 513.56K, 276.65K, and 144.93K daily active users over the past month. The rest of the dApps in the top 10 recorded between 10,000 and 30,000 daily active users in the past 30 days.

While the DeFi market took the world by storm, the gaming, marketplace, and collectibles dApps also witnessed rapid developments and growth over the course of the year. Marketplace dApp, Rarible, and gaming platform, Axie Infinity, both broke into the top 10 list – and despite only contributing 25K users out of the total 1 million – their growth shows there are other “killer apps” on Ethereum building an active community around them.

Rarible is an open market place built on Ethereum that allows users to mint, sell, and create collectibles in the form of non-fungible tokens (NFTs). The Axie Infinity game has its own in-house marketplace called Axie Marketplace, where players can find items to buy, sell, auction, and receive offers. Both projects recently launched their governance tokens, which boosted user activity on their platforms.

The remaining two dApps – HEX and Forsage – are ranked as ‘High Risk’ applications with a total of 22.5k and 29.69k active users in the past 30 days.

In early October, calls of the DeFi bubble going burst due to a drop in user activity were quashed. Looking closely at Coin Metrics charts on the total DeFi active wallet accounts, only SushiSwap and Uniswap experienced the wild drop in user activity as other DeFi platforms escaped the wild volatility.

It seems too early to predict the DeFi bubble burst yet with a burgeoning TVL and total active users on Ethereum reaching a 33-month high, as shown on Glassnode Studio charts.

While the number of users on dApps is surging, the DAppRadar report stated the figures did not show the number of unique addresses. Some of the users have visited the platforms several times over the past month, and some have multiple addresses, which could inflate the numbers.

All in all, it is a turning point for both DeFi and Ethereum users.

The post DeFi Rules: Top 10 Ethereum DApps Cross The 1 Million-Mark In Daily Active Users In The Past Month first appeared on BitcoinExchangeGuide.

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