The collapse of the cryptocurrency market last month did not stop Ethereum's momentum. The coronavirus pandemic will also have stopped half the world, but cryptocurrencies continue their recovery after suffering a sensational cut in the first few days.
Dapp Industry Review - First Quarter 2020
Despite a drop in dapp activity following the crash on March 12, Ethereum had a strong first quarter in 2020, according to a report by DappRadar.
The analyst's Dapp Industry Review on the first quarter of 2020 reported a 16% increase in the daily interactions of active portfolios with Ethereum-based applications compared to the previous quarter and a 64% growth in the use of dapp compared to the first quarter of 2019.
The individual active portfolios that interact with the DeFi apps increased by 86% compared to the previous quarter, while the portfolios that interact with the decentralized exchange apps for invest have increased by 99%.
Smart contracts on Ethereum apps interacted at 81% of the total value calculated on all blockchains in the first quarter, and by the end of March they had nearly 17.500 individual active portfolios. But the data also shows that competing blockchain claws didn't have the same favorable wind.
EOS and TRON
Despite processing 13% of over $ 6,7 billion in value touched by smart contracts on all blockchains in the first quarter, EOS saw a 10% drop in dapp activities.
Furthermore, DAP activity on the EOS network decreased by more than 70% compared to the previous year. DappRadar partly attributes this reduction to EIDOS airdrop which caused weeks of congestion in the EOS network in November 2019. The activity of EOS specific portfolios decreased in all app categories compared to the fourth quarter of 2019.
Likewise TRON experienced an abandonment of the dapp business. Despite an 18% increase in dapp usage in the first quarter of 2020 compared to the fourth quarter of 2019, activity on the TRON blockchain fell by 15% over the previous year when the peak of DeFi TRON activity peaked .
DappRadar pointed out that much of the sequential increase in activity for TRON came from gambling and high-risk applications which made up 88% of total activity during the first quarter. TRON accounted for 6% of the total value of the smart contract interaction in the first quarter and saw an 85% reduction in the total value in the interactions compared to the previous year.
DappRadar also noted that while the activity of specific portfolios for Ethereum applications decreased by 10% following the crypto crash of March 12, the interaction with smart contracts of the Ethereum app increased by over 370% compared to the previous quarter. Despite market uncertainty, the increase in value bodes well for the continued growth of dapps throughout 2020 and beyond.