According to the latest quarterly Dapp industry report shared by DappRadar, the transaction volume on the Ethereum blockchain surged high in the third quarter of the year 2020 while reaching significantly the $119.5 billion mark.
A Surge of 1200% in the Third Quarter
DappRadar published its new report for the third quarter on October 2 in which it has called Ethereum the most significant blockchain. The report says that the Ethereum blockchain’s transaction volume has shown an increase of over 1200 percent to reach nearly $120 billion in the third quarter of 2020. This is an impressive growth witnessed by the Ethereum network in its transaction volume.
Comparatively, in the second quarter of the present year, the transaction volume of the Ethereum blockchain recorded only $10.2 billion.
The ongoing decentralized finance (DeFi) boom is believed to be the major factor behind this rising Ethereum’s transaction volume that has made this rapid increase possible. According to the report, out of the total transaction volume gained by the Ethereum blockchain in the third quarter, decentralized finance apps accounted for approximately 99 percent of it. DappRadar said, “We spot that the DeFi ecosystem is not only the number one category but also holds 99% of the value within the Ethereum blockchain in Q3 2020.”
Total Dapp transaction volume hit $125 billion in Q3
While on the other hand, the total transaction volume of dapps has also surged high in the third quarter of 2020 as it reached $125 billion. As compared to the second quarter, it is $113 billion higher. According to DappRadar, out of this total dapp transaction volume, 96% has come from the Ethereum blockchain.
Overall, the results in the third quarter were better than that of the second quarter as the activity in the top three blockchains including Ethereum, EOS, and TRON surged high in this quarter. “The results of Q3 2020 were superior to the previous quarter. In terms of total daily active unique wallets, the 13 blockchains listed on DappRadar already hold more than 200,000 daily wallets. The major activity is occurring within the top three blockchains: Ethereum, TRON, and, EOS,” DappRadar said.