The advent of Ethereum and other blockchains that allow the use of smart contracts has resulted in the proliferation of decentralized applications which have become a mainstay of the cryptocurrency ecosystem. DApps can be found in a variety of fields, including banking, security, video gaming, and others. Let’s take a look at which DApps are the most popular right now.
What are decentralized applications?
First and foremost, it appears that it is necessary to recall what a decentralized application is. Decentralized applications are services that run on a blockchain, such as a website, financial service, video game, marketplace, and so on. Decentralized applications can be anything from a simple webpage to a complex financial service.
Decentralized apps, in contrast to their centralized counterparts, do not rely on a single, unique server, but rather on a distributed network of machines. Due to this, they are able to withstand and even defeat a wide range of attacks, including denial-of-service (DoS) attacks. Another important element is that it also permits them to be immune to any form of censorship.
Traditionally, when you create a website, it is hosted on a single computer or server. If there is a problem with the server, the website in question will no longer be accessible. In the case of a decentralized application, even if a machine were to break down, the execution of the application would be maintained, because it is distributed between all the machines on the network.
Several factors must be taken into consideration when attempting to construct a taxonomy of decentralized software applications. These can be classified according to the number of active users during a given period of time or even according to the weekly or monthly volume.
Decentralized Applications on Ethereum are ranked in order of importance!
Ethereum is now the blockchain with the most complicated and developed decentralized applications, and it is also the most popular cryptocurrency. At the time of writing these lines, it counts no less than 2956 decentralized applications that bring together more than 54,000 daily users on the platform .
There are several factors that go into this rating, including the number of active users, the volume of transactions, as well as ongoing development initiatives.
MakerDAO is the most popular DApp on Ethereum, with 34,976 ETH (or approximately $5,111,437) transacted in the previous 7 days and an average of 1400 daily users, placing it at the top of the list.
MakerDAO is an autonomous and decentralized platform that is powered by smart contracts and runs on the Ethereum blockchain. A pioneer in the DeFi ecosystem, MakerDAO makes it possible to obtain stablecoin DAI loans in return for locking ethers, which are used to fund the loans. The MakerDAO protocol presently has more over $330 million in escrow, according to its website.
Chainlink ranks in second place with an average of 600 daily users, putting it ahead of the competition. This application provides a decentralized oracle service, which may be used by other smart contracts to do calculations. Oracles are programs that are used to gather information from sources other than the Ethereum blockchain (so-called off-chain ).
3. My Crypto Heroes
My Crypto Heroes takes the third spot in this ranking, according to the results of our poll. This program has seen an average of 3000 daily visitors, resulting in a total transaction volume of one hundred ETH in the last seven days.
My Crypto Heroes is a Japanese role-playing game that uses the Ethereum blockchain as its foundation. You take on the roles of heroes, to whom objectives are issued that need you to recover rare things that will make your character stronger during battles against other players. Each hero is represented on the blockchain by an ERC-721 token, which is a non-fungible token.
KyberNetwork is the third most popular cryptocurrency network, with an average of 300 daily users and about 11,766 ETH (or approximately $1,715,183) transacted in the last seven days.
KyberNetwork is a protocol built on the Ethereum blockchain that allows users to exchange or convert ERC-20 tokens in a decentralized manner, most notably through the KyberSwap web interface. KyberNetwork is currently in beta testing.
Other DApps, in addition to these, contribute to the overall attractiveness of the Ethereum ecosystem. We can mention a few of them:
- Compound Finance is a decentralized platform that allows users to borrow and save cryptocurrencies in a decentralized manner, and it now manages 90 million dollars in assets.
- UniSwap is an exchange platform that is both automated and decentralized.
- Synthetix is an Ethereum-based platform that allows users to trade in assets such as gold or fiat money.
Uniswap puts together a collection of computer applications that operate on the Ethereum blockchain to form an exchange. In contrast to Bitcoin, this protocol allows for the storage and transmission of information in a safe manner and without the need for a central authority to supervise the process. As a result, Uniswap makes it feasible to trade tokens that are not centralized (digital assets). The “unicorns” that make this program operate are responsible for converting the tokens.
A decentralized exchange system, or more specifically, an automated liquidity protocol, Uniswap has no order books and allows users to conduct transactions without the need for an intermediary, resulting in a high level of resilience to government censorship. The latter is one of the most important value propositions of the cryptocurrency universe: no third party, government, or corporation has the ability to control these transactions.
Bitcoin is an example of this. Only the network protocol has its own set of rules that are known ahead of time. It is sufficient to abide by these standards in order to be able to do business. It is nearly hard to erase or change the results of these actions.