Decentralized Applications, or dApps, have been around for quite a while. However, it wasn’t until 2018, the first “Year of the dApps,” that they truly came to the forefront of the cryptocurrency and blockchain sphere. DappRadar, the largest dApp ecosystem tracker, recently released a tracking feature that tracks full token transaction volumes for EOS dApps. The initial results uncovered by this tracker are shocking - with volume underestimation of over $1 billion uncovered within the EOS ecosystem. So, let’s take a look at DappRadar’s EOS token tracker, and the implications it could have on the dApp industry.
https://www.youtube.com/watch?v=46XOIH5wLYo&t=1s
Really? $1 billion of hidden value?
Yes, really. There was a reported increase in trading volume of over $3 million per day in the first week of the tracker. Should this rate be sustained over the course of a year, the total value comes to around $1 billion. DappRadar also saw a 25% volume increase on the EOS blockchain on the day the tracker was released, according to Decrypt.
“[We are] potentially underestimating the value of the EOS dapp ecosystem by around $1 billion,” said Jon Jordan, DappRadar’s brand communications manager, who argued that by multiplying $3m by 365, one would see $1 billion in underestimated value.
Newdex, a decentralised exchange that’s built on the EOS blockchain, has reported the addition of $5 million value in non-native tokens, on top of their $21 million value in native EOS tokens. On the day the tracker was released, the exchange showed an extra $1.6 million in non-native daily transaction volume.
https://www.youtube.com/watch?v=oBcItXymSOs
Implications on the dApp industry
According to eToro, EOS is the youngest of the world’s top 10 cryptocurrencies, having gone live in June 2018. While we take a look at DappRadar’s EOS token tracker, it would be amiss for us not to examine the implications it could have on the dApp industry as a whole.
The addition of $1 billion of value could have a massive impact on the dApp ecosystem - potentially increasing interest from institutional investors and mainstream media, who have largely ignored the existence of the dApp industry. In September 2019, DappRadar closed a $2.33 million seeding round of funding that was helmed by investment firms like Naspers, Angel Invest Berlin, and Blockchain.com Ventures. dApps and decentralized exchanges like DICE and Newdex could quite possibly see renewed interest from investors and the public following the report of all of this additional volume that’s been lurking under the radar.
By ranking EOS dApps according to their smart-contract volume rather than relying on native tokens, DappRadar is at the forefront of increasing transparency of value creation in the dApp ecosystem. According to Skirmantas Januskas, the CEO & Co-Founder of DappRadar, “This will greatly increase the transparency of value creation on the EOS blockchain, especially for decentralized exchanges that support the trading of EOS-based tokens.”
With the launch of DappRadar’s new EOS token tracker, and all of the hidden value it’s uncovered, now’s probably a good time to get in. CFD trading on a platform like eToro can be a great way to gain an understanding of the ups and downs of the market, without having to invest a huge amount of capital to really see an impact on your ROI.
https://twitter.com/DappRadar/status/1191264456782860288
What’s next?
Having taken a look at DappRadar’s EOS token tracker, there’s no doubt that it will have some influence on the dApp industry. DappRadar also reported that they plan to roll out similar trackers for other blockchains including Ethereum and Tron. With $1 billion in underestimated value already discovered for the EOS blockchain, imagine what a similar tracker could uncover for the Ethereum ecosystem. Whatever the case, DappRadar’s tracker is a potential game-changer that could see more investment in the dApp ecosystem, renewed media interest and a revival in the crypto asset industry as a whole.
https://crypto-current.co/a-look-at-dappradars-eos-token-tracker/
Topic: A Look at DappRadar’s EOS Token Tracker (Read 102 times)
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