March 29, 2024

DApps Herald: Coinbase effect, McAfee effect and Ethereum covert rival

06/24/2020

Guest Materials

DApps Herald: Coinbase effect, McAfee effect and Ethereum covert rival

DApps Herald: Coinbase effect, McAfee effect and Ethereum covert rival

About the mostSignificant events in the decentralized applications sector over the past month specifically for ForkLog were told by DappRadar analysts.

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Mass Acceptance News

North American Joins IndustryeSports League (NACL). In a recent press release, ConsenSys said it helped NACL build an Ethereum-based platform. The platform is intended for publishing reports and making automated cryptocurrency payments for participation in tournaments. Prizes in ETH and DAI will go directly to the cryptocurrency wallets of NACL players.

Reddit social platform launched systemsCommunity Points on the Ethereum blockchain. The system is addressed to the r / CryptoCurrency and r / FortNiteBR communities, each of which has up to a million members.

According to DappRadar, r / FortniteBR participants are more interested in cryptocurrencies: the number of owners of Brick tokens reaches 14800, while only 3100 people own Moon tokens.

Blockchain News

TRON founder Justin Sun announced the launch date of TRON 4.0 – July 7, 2020.

According to TRON developers, this is the most effective protocol of all. Representatives of TRON Foundation are confident that the new options will increase the flow of users.

While TRON is preparing to launch 4.0, the price of gas in the Ethereum network is growing rapidly.

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Gamers' activity has always correlated with pricegas. $ 10 is an adequate fee for placing $ 1 million in ETH or $ 100,000 in BAT in MakerDAO Vault, but too high is the commission for buying a ten-dollar character or twenty-dollar monthly subscription. This negatively affects the games on Ethereum.

If you compare the activity of the top 5 games on Ethereumand on other blockchains, in May the activity of the five top non-Ethereum games increased by 14%. The total daily amount of unique active wallets was 13,785.

While gamers are suffering, South KoreanThe BORA blockchain project, focused on the game industry, in June was among the protocols that DappRadar monitors (now there are 14 of them). Unlike competitors, BORA only works with developers who have managed to launch popular mobile games. The games that BORA intends to integrate already number over 50 million players.

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The decision of the user group to carry out the Steem hard fork and create Hive was a success.

Although the Hive cryptocurrency was launched only on March 20, it already surpassed Steem in terms of market capitalization and daily activity in the dapp ecosystem.

Transition point between two ecosystems is easyillustrate with the example of the blockchain game Splinterlands, which was the most popular decentralized application in Steem (with daily activity of 4,500 unique wallets). June 1, 2020 Splinterlands with all users switched to Hive.

Decentralized Finance News

At the end of May, DappRadar announced that the trading volume on decentralized exchanges (DEX) exceeded the $ 2 billion mark. In less than three weeks, the figure rose to $ 3.2 billion.

Ethereum remains the largest ecosystem of decentralized finance. For example, Sai / Dai accept more decentralized applications. This holds true for Compound and its cTokens.

The factor that influenced DeFi was the so-calledThe &#171;Coinbase effect&#187;, the price effect that tokens face after the announcement of listing on Coinbase. Suddenly being in the spotlight of millions of users is a significant event for any project.

The Coinbase effect arose when the exchange announced an early listing of a number of DeFi tokens - Aave, Bancor, Compound and Synthetix, but some researchers have already stated that it is overestimated.

DappRadar data indicate that a significant increase in daily trading volumes based on Uniswap and Kyber coincided with the announcement of Coinbase.

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This month, the DeFi sector is faced with yet another effect that Dappradar has dubbed the “McAfee effect”: John McAfee has endorsed the new GHOST token.

Since the beginning of the month, the price of the token has increased by 100%, althoughMcAfee admitted that Ghost is a plagiarism of the confidential PIVX coin. Moreover, Ghost performed well on the IDEX decentralized exchange (DEX).

On June 10, 2020, the total trading volume on IDEX amounted to $ 10 million, of which $ 8 million fell on the GHOST token. Since the beginning of June, the total trading volume of GHOST on the IDEX site has exceeded $ 21 million.

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In June, the Compound's DeFi protocol also had an impact on the market. Following one trading day, COMP, the new Compound token, became the largest DeFi token in terms of market capitalization, overtaking MakerDAO.

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DeFi platform dYdX launched the “eternal” marketBitcoin contracts. dYdX &#8212; the largest decentralized exchange offering leveraged trading. Recently, dYdX launched perpetual Bitcoin contracts with settlements in the USDC stablecoin and x10 leverage.

After April 15, 2020, dYdX launcheda decentralized market for perpetual Bitcoin contracts, in less than two months the trading volume reached $ 50 million. In May 2020, the volume reached an impressive level of $ 39 million, and in June it already exceeded the line of $ 10 million.

As long as the positive news comes from all sides,promising DeFi based on Ethereum and the entire decentralized applications sector a bright future, the true rival of Ethereum remains in the shadow, patiently waiting for its time. Looks like he's ready for a debut. And it's about the Binance Chain blockchain, whose ecosystem is expanding.