DApp transaction volume has topped 270 billion so far in 2020, with 95 of this figure belonging to Ethereums DeFi ecosystem, according to DappRadar. Thats an astonishing 1178 increase from last years total of 21 billion.
The blockchain data provider revealed the figures in its annual DApp Industry Report today, summarizing the highlights and failures of a recordbreaking year for DAppbased economics.
The report noted that money has been flowing from BTC to ETH throughout the year, resulting in a rise in the price of ETH, from 0.018 BTC on Jan 1. 2020 to its current price of 0.028 BTC.
DappRadar speculates that attractive yields in DeFi were the main trigger of Bitcoin flowing to Ethereum, with Wrapped Bitcoin wBTC and RenVMs renBTC playing crucial roles in tapping Bitcoins vast reserves of liquidity for DApps.
Describing 2020 as the year that DApps tried to grow at all costs, the report found that just 10 DeFi DApps accounted for 87 of Ethereums total transaction volume.
Those 10 DApps totaled over one million active users in November, with the top three DeFi Swap Crypto.com, Uniswap, and Compound dominating the total with 930,000 between them.
The report noted that the limitations of Ethereum became apparent this year as the network effectively hit a wall in regards to scalability with average gas prices several times higher than last year.
Congestion on the network accelerated the rise of competitors during the second half of the year, with DAppfriendly…