, Author: DR Little Partner, reprinted by Odaily with authorization.

• In the first quarter of 2020, the global market has experienced too many black swan events, such as the new crown pneumonia, the global stock market plummeting, and Bitcoin falling by more than 20% for two consecutive days. The macro environment has also had a direct impact on the development of the Dapp industry.

• Key points of Q1:

• In the first quarter, the Dapp market transaction volume was US$7.9 billion, an increase of 82.2% over the same period last year. Among them, Ethereum, TRON and EOS accounted for 99.1% of the market share.

• Ethereum-based DeFi projects are the main growth point, an increase of 778% over the same period last year

• Last year's hot lottery dapp transaction volume fell by 64.58%

• The number of active addresses in the first quarter decreased by 22.1% compared with the same period last year

This report is divided into two parts. The first part focuses on data charts, visually showing the development trend of the dapp industry in the first quarter, and gaining insight into the inherent value behind the numbers. The second part is a summary and review of key projects and hot events in the dapp industry in the first quarter to help you sort out the latest developments in the industry.

Ethereum

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Ethereum

The total transaction volume of Ethereum’s dapps in Q1 of 2020 was US$5.64 billion, an increase of 652% from the same period last year (US$740 million). The main source of growth was DeFi projects. Since 2019, DeFi has gradually grown into the branch with the largest transaction scale on Ethereum, developing rapidly. It is worth noting that in the transactions of DeFi projects, the proportion of the native token ETH is not large, and most of them come from ERC-20 tokens (such as WETH, DAI, USDC, etc.).

ERC-20 tokens contributed $4.74 billion in transaction volume, accounting for 84%. On March 12, the cryptocurrency market fluctuated violently. The single-day transaction volume of Ethereum dapps reached a historical peak of 326 million US dollars, mainly from MakerDAO, dYdX and other DeFi projects.

• In Q1 of 2020, Ethereum Dapps still maintained a good diversity. The transaction volume of games, lottery and other Dapps was the same as last year; the transaction volume of financial and trading Dapps rose sharply.

• In this article, we classify lending projects (such as Maker, Compound, bZx) and derivative projects (such as Augur, etc.) as Finance, and decentralized exchanges (such as Kyber, Uniswap, Tokenlon) as For the transaction class (Exchange). These two types of projects are collectively referred to as the DeFi category. In the first quarter of 2020, compared to the same period in 2019:

Financial Dapp transactions reached $2.95 billion, an increase of 1,743%

Exchange Dapp transaction volume reached 2.34 billion US dollars, an increase of 430%

From the perspective of active addresses, the average daily active addresses of Ethereum in the first quarter of this year was 16,763, a year-on-year increase of 55.86%, mainly from financial Dapps and high-risk Dapps (ie Ponzi games, such as Doubleway and Million.Money). If the high-risk types are removed, the average number of daily active addresses is 12,505, a year-on-year increase of 23.55%.

In Q1 2020, the total number of active addresses of ETH is 422,871, and 243,252 addresses have used risky Dapps, accounting for 52.29%, mainly from Doubleway and Million.Money (capital game). According to observation, there are a large number of addresses that belong to brushing robots in terms of behavior.

• As the application scenarios of DeFi continue to increase, a total of 31,299 addresses have used financial Dapps in the first quarter of this year, a year-on-year increase of 234.86%. The transaction volume of lottery Dapps was the same as last year, but the number of active addresses increased by 39.88%.

• In the Q1 of 2020, there were a total of 641 active Dapps on Ethereum, which was 173 fewer than in Q1 of 2019.

• There are 33 active financial Dapps, an increase of 18 from last year.

• There are 71 active Dapps in the lottery category, which is halved compared with the same period last year (146).

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• TRON’s total Dapp transaction volume in Q1 2020 was US$411 million, a year-on-year decrease of 73.8% (Q1 2019: US$1.57 billion). In the first half of last year, TRON lottery Dapps developed vigorously, and a number of lottery Dapps emerged. The bonus mechanism of lottery mining tokens attracted a large number of users to participate. For example, 888TRON once created a single-day transaction volume of 82 million US dollars. record. Afterwards, the popularity of lottery Dapps continued to decline. This year, no popular lottery Dapps were born on Tron, and the transaction volume stabilized, with an average daily transaction volume of 4.57 million US dollars.

• From the perspective of categories, lottery Dapps still dominate, accounting for 92.1% of the transaction volume. Compared with Q1 in 2019, the transaction value of almost all categories has declined:

• Sweepstakes transactions were $379 million, down 72.5%

The transaction volume of games was 2.35 million US dollars, a decrease of 63.56%

TRON’s total number of active addresses in Q1 of 2020 was 237,000, and the average number of daily active addresses was 24,998, a year-on-year decrease of 39.48%. The active addresses of lottery, game and exchange Dapps have all declined to varying degrees. Zethyr, launched at the end of 2019, became the first financial Dapp on TRON. At the end of March this year, Justin Sun announced JUST (formerly Djed), a stablecoin system similar to MakerDAO. This project will become a core component of TRON’s DeFi ecosystem.

EOS

In Q1 of 2020, there were 342 active Dapps in TRON, and 66 new Dapps were added. Among them, there are 121 active Dapps in the lottery category, an increase of 29 compared with the same period last year. There are a total of 48 active Dapps in the game category, a decrease of 9 compared with the same period last year. The number of active Dapps of other types has not changed much.

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EOS’s Dapp ecology still hasn’t recovered from EIDOS’s mining behavior. The total transaction volume of EOS in Q1 of 2020 was 1.74 billion US dollars, a decrease of only 11.67% compared with the same period last year, but the average number of daily active addresses dropped from 85,316 to 11,402 , Shrunk by 87%.

• Similar to TRON, lottery Dapps were once the mainstay of the EOS ecosystem. In Q1 of 2019, the transaction volume of lottery Dapps totaled US$1.61 billion, accounting for 79.67%. In the first quarter of this year, the transaction volume of lottery Dapps was only US$400 million, a quarter-on-quarter decrease of 74.95%. On the contrary, transaction Dapp transaction volume increased by 226.26%, accounting for 72.55% of the total transaction volume in Q1 of 2020, becoming the Dapp category with the largest transaction volume on EOS.

• The adverse impact of EIDOS on chain transactions also directly affects game Dapps and lottery Dapps, causing a large number of Dapp project parties to choose to leave the EOS ecosystem.

• The transaction volume of game Dapp dropped sharply by 86.30%, and the total active addresses decreased by 42.58%.

The lottery Dapp transaction volume decreased by 74.95%, and the total active addresses decreased by 86.01%.

The transaction volume of risk Dapps increased by 10.94%, and the active users increased by 146.09%.

EOS has 406 active Dapps in Q1 of 2020, and only 19 new Dapps. The number of active Dapps in the lottery category is the largest, with 184, a decrease of 95 compared to the same period last year. There are 69 active Dapps in the game category, which is 5 fewer than the same period last year. There are 88 other Dapps, an increase of 16 over the same period last year.

From the perspective of transaction volume, Ethereum dominates DeFi (that is, financial and exchange categories), and EOS and Tron jointly share the transaction volume of lottery categories. In addition, EOS also occupies a certain market share in transaction categories.

NEO

In addition to ETH, TRON, and EOS, there are four other public chains whose Dapp transaction volume exceeded $10 million in the first quarter of this year.

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NEO is an early open source public chain, independently developed by my country. Last year, many high-quality blockchain game projects joined Neo, including Blockchain Cuties, NeoFish, XPET World, etc. In the first quarter of this year, 0xGames announced the integration of two blockchain games, 0xWarriors and 0xRacers, into the Neo blockchain. Starting from April 1st, all 0xRacers pre-sale activities on Neo will be discounted by 50%. Another Neo-based casual game, NeoFish, also added a Staking mode to integrate DeFi mechanisms into the game.

At the beginning of this year, the Neo Foundation made an equity investment in Switcheo, and Switcheo will allow the use of Neo GAS tokens as transaction fees to increase support for the Neo ecosystem.

ICON

More and more interesting Dapps are joining the Neo ecosystem, such as Novem, which tokenizes physical gold to provide users with a safer and more convenient gold trading and storage experience.

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The ICON network is a general-purpose blockchain protocol that can run smart contracts, and its token is called ICX. ICON adopts the BFT-DPoS (Delegated Proof-of-Stake) consensus protocol and an economic governance protocol called DPoC (Delegated Proof-of-Contributio)

IOST

In Q1 of 2020, the total transaction volume of ICON Dapp was 19 million US dollars. ICON has a total of 7 active Dapps on the C side, including DAO platforms like ICONBet and ICON Vote. The vast majority of transaction volume in the first quarter was contributed by ICONBet. In addition, STAYGE is an inspiring K-pop music fan community, which has the largest ICON user base.

IOST is a high-performance blockchain based on "Proof of Belief" (PoB). In Q1 of 2020, IOST has a total of 34 active Dapps, of which games and lottery are the most important categories.

TomoChain

In Q1 of 2020, the total transaction volume of IOST Dapp is 10 million USD. On January 16, the daily transaction volume peaked at $701,000, most of which came from the lottery Dapp iPirates.

TomoChain is an innovative solution to the scalability problem of Ethereum. In Q1 of 2020, TomoChain has a total of 15 active Dapps, among which the lottery category is the most important category.

TomoMaster is the most popular Dapp and it is also the official governance Dapp of TOMO. In Q1 of 2020, the total transaction volume of TOMO Dapp was US$12.92 million. The daily transaction volume peaked at $838,000.

Despite the global market panic and sell-off in the first quarter, the Dapp industry still maintains a positive development trend, with many high-quality projects emerging. Below is a list of Q1 project updates that should never be missed. (Due to limited time, the list may not cover all important events/updates/projects, please drop us a note if you want to add more content)

game

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game

Skyweaver: Horizon, the developer of Skyweaver, received a $5 million investment earlier this year, led by Initialzed Capital, followed by Consensys, CMT Digital, and Regah Ventures. Skyweaver finished its pre-season testing and started Season 0 on March 20. At the same time, the project has also added many new elements, including 5 new heroes, 100 new cards, and a new season matching system.

The Sandbox: The project owner of the blockchain sandbox game The Sandbox, TSB Gaming under Animoca announced at the end of last year that it had received an investment worth 2.01 million US dollars. Investors included Square Enix, B Cryptos, and True Global Ventures. Since then, Sandbox has made frequent moves. In February and March this year, the second and third rounds of land pre-sales were carried out respectively. It also cooperated with the arcade game giant Atari, the well-known blockchain RPG game Neon District, and the Opera browser. or institutions, in order to build their own ecosystem from mainstream social channels, game community operations, and wallet application support.

Decentraland: The blockchain virtual world game Decentraland was officially launched on February 20, and a 4-day treasure hunt was launched. During this period, players can explore between maps and find treasure chests to obtain rewards. Rewards include Decentraland's general trading currency MANA, and NFTs of some character costumes. On March 20, the avatar named "Crypto" on Decentraland was sold at a price of 61,550 MANA, which was worth $1,500 at the exchange rate at that time.

Axie Infinity: Axie Infinity is a cute pet collection game. The Alpha version of the battle mode was launched in Q4 of 2019, and the Infinity Cup was held in Q1 of this year. It has entered the third season and the bonus is DAI. Additionally, Axie Infinity has integrated the Kyber protocol to accept ERC20 tokens for NFT purchases.

SoRare: Sorare is a football card game based on blockchain. It has reached cooperation with many well-known football clubs including Juventus, Atletico Madrid, West Ham United, and Lyon to jointly issue players' NFT cards. On February 26, the Juventus player card pack set a new sales record at a price of 10.992ETH.

Nine Chronicles: Nine Chronicles is a blockchain RPG game jointly developed by the French game giant Ubisoft and the start-up Planetarium. The project will conduct internal testing in mid-April. The story of the game takes place in a fantasy world, where players can explore dungeons and make crafts for trade. Players who want to participate in the closed beta can already submit an application.

My Crypto Heroes: In February 2020, My Crypto Heroes announced a partnership with CryptoSpells, allowing players to exchange NFT assets between different games. At the end of February, the number of My Crypto Heroes users exceeded 100,000. From March 9th to March 23rd, the second link between the game and Osamu Tezuka's IP will start, and players will have the opportunity to obtain NFTs of many well-known characters.

Brave Frontier Heroes: Brave Frontier Heroes, a new game developed by doublejump.tokyo, the developer of My Crypto Heroes, was officially released on January 30 and received a huge response once it was released. In the first quarter, 9 rounds of qualifying were successfully held. In the land sale that started on March 30, all the legendary lands were sold out within 3 hours.

Somnium Space: The virtual reality game Somnium Space developed rapidly in the first quarter of 2020. After integrating the MetaMask wallet and the circulation currency Somnium Cubes listed on the CoinPark exchange, Somnium Space launched version 2.0 of the VR virtual world game on February 21. In the subsequent land sale, all 25 plots of land were sold out, and a total of 110ETH of sales revenue was obtained. Currently the in-game currency Somnium Cubes can also be purchased directly on OpenSea.

NFT

F1 Delta Time: The blockchain racing game F1 Delta Time won 91ETH in the auction of the new model China Edition 2019 Azure Dragon. From February 25th to March 9th, the game opened its first official box sale, sold 2,375 boxes and earned more than $36,400, and immediately became the Dapp with the highest transaction volume on OpenSea. The time trial mode of the game was officially launched on March 30. As a small game, the time trial mode gives players the opportunity to test their racing car NFT on the track in advance before the full version of the game is launched.

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OpenSea: On March 27, the decentralized exchange OpenSea announced that it supports embeddable NFT, that is, users can embed NFT on their blog or website for display by generating a link on OpenSea. OpenSea is calling on bloggers and website owners to display their NFT collections in this way.

Earlier this year, OpenSea co-founder Devin released the "NFT Bible", the most comprehensive and insightful article in the NFT field to date. highly recommended.

Cryptovoxels: The blockchain virtual world game Cryptovoxels released version 2.22.0 on January 6. At that time, more than 2,000 pieces of land (called parcels in the game) were sold, and then various transactions and game activities on Cryptovoxels began to be frequent occur. On February 6, the NFT transaction volume of Cryptovoxels surpassed that of Decentraland for the first time. It was once the largest blockchain virtual world game before. The NFT transaction volume of the week was close to 400,000 US dollars.

Cryptovoxels has also held various events such as VR gallery openings, concerts and VR parties, as well as an art auction with a total value of more than 3,000 US dollars, and the auction proceeds will be used as donations for the Australian wildfires. At the end of March, version 3.19.5 was officially released.

Async.Art: Async.Art is an encrypted art auction website. On February 26, the project was updated and the first auction transaction was opened. The first work to be auctioned is a programmable encrypted artwork "First Supper". On February 28, "First Supper" was sold at a price of 103ETH, creating the history of encrypted art.

DeFi

Avastars: Avastars is an Ethereum-based avatar NFT collection project. On February 7th, the pre-sale was launched on the Opensea platform, and NF worth 183ETH was sold within 4 days. Each Avastar is composed of randomly generated hairstyles, skin colors, mouths and other features, from which users can choose their favorite collocations and generate NFTs for collection. At the end of March, Avastars announced that the project will be officially launched and more feature combinations will be launched.

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Maker: In the first quarter of this year, Maker released the "Dai Game Plan" to promote the application of DAI in games. Games such as Axie Infinity, Forgotten Artifacts, and SkyWeaver have integrated DAI. On March 12, the sharp drop in the price of Ethereum caused Maker to generate a large amount of assets to be liquidated. Due to the low gas value set by the liquidation robot (Keeperbot), the network congestion and high gas fees of Ethereum hindered bidding. A liquidator ( Keeper) won the auction at 0DAI with no competitor. Then Maker launched the liquidation freeze module and launched the first debt auction to repay nearly $5 million in debt. In late March, the Maker Foundation announced that it would completely transfer control of MKR tokens to token holders.

Uniswap: Uniswap announced that it will release the V2 version in the second quarter. Its new features include support for any ERC20/ERC20 trading pairs, optimization of price oracles, flash loan function, etc. During the currency price crash in March, Uniswap’s 24-hour trading volume reached $53 million.

Dharma: The encrypted wallet Dharma has deployed a new smart contract system: dTokens, dToken holders will receive 90% of the interest income earned by cToken. Later, Dharma released the P2P transfer function, and users can send and receive US dollars.

Rocket: The NFT loan platform Rocket issued 4 loans (one was postponed), and the collateral included (DAI, Decentraland assets and encrypted art). Subsequently, Rocket cooperated with Bullionix to issue 5 "digital jewelry" NFTs backed by gold.

dForce: By introducing USR, users can get deposit interest by depositing USDx into the USR contract. If they deposit into an interest-earning agreement that supports both USDx and USR (such as Lendf.Me), users will get double-layer interest. Lendf.Me has added support for DAI and BUSD.

bZx: On February 14, the bZx team issued an announcement on the official Telegram group, saying that a hacker had exploited a vulnerability in the bZx protocol, resulting in the loss of some ETH; This time the target is the ETH/sUSD trading pair. A total of US$1 million was stolen from the two attacks, exposing the hidden dangers of DeFi's systemic financial risks. In order to prevent the attack from happening again, bZx cooperates with Chainlink and adopts a distributed oracle solution to avoid risks.

Kyber: In the second half of January, the cumulative transaction volume of Kyber projects exceeded 500 million US dollars, and the cumulative transactions exceeded 600,000. At the end of February, KNC tokens were listed on Coinbase Pro, which not only increased the liquidity of KNC, but also greatly expanded the user base participating in the governance of KyberDAO. Katalyst is a major protocol upgrade plan of Kyber this year to better meet the liquidity needs of the DeFi ecosystem. It has already been deployed on the test network.

Compound: Compound launched a multi-language version in the first quarter, and the Chinese version has been opened. In February, Compound commissioned a third-party platform, Gauntlet Networks, to conduct a stress test. The results showed that it could increase the total borrowing size by 10 times without greatly increasing the risk, and the probability of default was less than 1%. In early March, Compound deployed the governance token COMP, but the token has not yet been used for governance, and the COMP token will not be available to the public until decentralization is complete.

PoolTogether: PoolTogether is a lossless lottery project. It invests the collected funds in Compound to earn interest, then distributes the interest to lottery winners, and returns the participation fees of the remaining participants. PoolTogether announced in February that it had raised $1 million from IDEO CoLab Ventures, ConsenSys Labs, and DTC Capital. At the end of February, PoolTogether also minted plDAI and plUSDC tokens representing lottery ownership and proof of deposit, allowing participants to transfer PoolTogether lottery tickets to friends and family.