Market Analysis of 10 Most popular dApps

On April 22, 2016, the first DApp on the Ethereum blockchain became live. Since then, the amount of DApps being built has increased and a dApp monitoring website called State Of Dapps estimates that there are currently about 4,073 dApps available. They are spread out throughout a variety of networks, such as Ethereum, BNB, Cardano, Aptos, Solana, and others.

The market for decentralized applications (dApps) has grown rapidly in recent years, with a compound annual growth rate (CAGR) of 56.1% and the number of users using decentralized applications, or DApps, daily increased by 396% to 2.7 million in 2022. By 2027, it is projected that the dApp market will be worth USD 368.25 billion.

What are decentralized applications (dApps)?

Decentralized applications, or DApps, are electronic applications or computer programs created and executed on the blockchain. DApps differ from client-server models in that there is no single server or controlling entity because their backend code runs on a decentralized peer-to-peer network (P2P) instead of centralized servers as standard web apps do.

While centralized apps such as Visa run approximately 10,000 transactions per second, Solana blockchain runs up to 50,000 (though this fluctuates), making it easier for its dApp users. Decentralized applications (dApps) are however more used for finance (especially wallets), gaming, and to join members in making decisions for decentralized organizations via governance. With over 600,000 active users engaging with dApps on Ethereum on a regular basis, Ethereum hosts half of all active decentralized applications (dApps) on the market, powered by its Virtual Machine (EVM).

Types of dApps

Basically, dApps are classified into three different types.

Type I:

These are dApps that exist as their own blockchain. A major example is Bitcoin.

Type II:

They are dApps that are built on top of a Type I dApp. They are protocols with their own  tokens. For example, Polygon is built on top of the  Ethereum blockchain.

Type III:

This type utilizes and are built on Type II dApps. They also exist as protocols with their native tokens. For example, Decentral Games uses the Polygon Network.

Review of the Most Popular dApps:

DApps may be used for many different purposes, including gaming, betting, social networking, finance, exchanges, development, NFT, media, wallets, marketplaces, governance, yield-farming, security, property, tools, identity, energy, health, insurance, and storage, among others. Here are several dApps that represent various use cases:

PancakeSwap

With more than 2.8 million users and $9.9 billion in total value locked (TVL), PancakeSwap is the most widely used decentralized network. PancakeSwap, which debuted in early 2020, enables users to purchase and trade CAKEs, the dApp's native currency, using a number of different cryptocurrencies. PancakeSwap can provide consumers with reduced costs and quicker transactions than conventional exchanges because of its decentralized structure. Other cryptocurrency projects can publish their tokens and coins on the site with ease. Investors have a wide selection of projects to pick from, like CAKE and the well-known meme coin Shiba Inu.

Axie Infinity

One of the most popular online games, Axie Infinity is NFT-based. Here, you can create collections and use them for yourself, to compete in various parts of the infinitive metaverse, accruing rewards in the process of doing so.

Axie Infinity has a peak user population of 1.5 million active users and 52,479 holders of AXS which is the highest daily users among gaming dApps. It has a current market cap of 0.94 billion USD.

Uniswap

Uniswap was launched in 2018 as an Ethereum-based decentralized exchange for cryptocurrencies. To connect buyers and sellers without the aid of a middleman, it employs automated liquidity pools. Because of this, any ERC20 token may be traded. It is particularly well-liked for its inexpensive gas prices and quick transactions.

OpenSea

OpenSea is a peer-to-peer exchange for digital assets such as non-fungible tokens (NFTs). OpenSea currently has 2.3 million active users and 10000 daily users. OpenSea has experienced its fair share of peaks and valleys, reaching a valuation of US$13 billion and drawing criticism for insider trading and phishing assaults that resulted in losses of more than US$1.7 million. However, the market is only expected to expand this year as more and more users (celebrities and corporations) want to launch NFTs.

Rarible

NFTs from a wide range of artists are available on Rarible. Due to how easy it is to use, NFT traders of all experience levels find it intriguing. The primary features of Rarible are minting without gas expenses, multiple wallet profiles, and credit card payments.

Users of Rarible can purchase and sell NFTs, assets, video game collectibles, and works of art. Rarible supports transactions in Tezoz, Flow, and Ethereum. Along with any petrol costs, Rarible charges a fixed transaction fee of 2.5%. One convenient feature is the ability to purchase NFTs with a credit card, enabling transactions in fiat currencies.

In terms of user activity, Rarible is edging away OpenSea with over 15,000 UAW as opposed to 10,000 daily users on OpenSea.

Sandbox

Sandbox is a metaverse, which is a type of blockchain-based digital environment where you may purchase or stake a claim to a virtual plot of land and develop it. This offers a way to make investments in digital or crypto assets.With a market cap of 1.4 Billion USD and over 160,000 property plots, Sandbox largest virtual land sale on Sandbox  raised $4.3 million. Data provided to Blockworks shows 39,000 daily users and 201,000 monthly users on Sandbox.

1-inch

The 1inch Network is a comprehensive decentralized finance (DeFi) service provider which enables customers to route trades across many marketplaces and realize the best pricing compared to any particular decentralized exchange (DEX) thanks to the aggregation Protocol (AP) which was introduced in 2019. 1-inch uses Ethereum, Polygon, Arbitrum, BNB Chain, Optimism, Avalanche, Klaytn, Gnosis, Fantom, and Aurora as its primary platforms.

With an average daily user count of roughly 23,500 addresses, the overall number of 1inch users in Q3 2022 climbed 2.4% to 2.2 million users. 1-inch has a market capitalization of 334.08M.

Aave:

Aave is a decentralized, non-custodial liquidity market platform where users can take part as depositors or borrowers. Depositing assets gives customers the option to borrow money by utilizing the assets as security. The interest rate users accrue while borrowing money may be partially offset by the interest you get by depositing money.

Marinade Finance

In August 2021, Marinade Finance, the first liquid staking protocol on the Solana blockchain, was formally launched. It has more than 450 validators and a $240.96 million locked value in total. Users of Marinade Finance have the alternative to waive the unstake time and receive their SOL immediately.

Decentraland

Decentraland (MANA) is an Ethereum-based dApp decentralized metaverse that enables users to produce, consume, and make money from content and apps. On August 19, 2017, the two-day Initial Coin Offering (ICO) came to a close, having raised $24.14 million. The current market cap is $1.31 billion with daily use on Decentraland averages 600 users.

The Future of dApps:

With the rapid adoption of blockchain and the earning attraction of decentralized apps, there is a major shift in interest from centralized apps to decentralized apps as anyone can earn from dApps through creating and minting NFTs, play to earn gaming, socialfi, lending crypto assets, liquidity provisión/staking etc. Earning while getting value is one of the most attractive features accompanying the growth of DApps use.

The goal of the Aptos Blockchain is to sign up the first 1 billion users for cryptocurrencies using a variety of apps, including social networking, gaming, and others. Aptos seeks to provide a secure, standardized, interoperable cross-chain infrastructure to facilitate mass adoption and provide clients with a seamless blockchain experience. Aptos is built using Move, a Rust-based programming language that was independently created by Meta. Aptos also uses the proof-of-stake (PoS) consensus algorithm to power transactions within its ecosystem.

Pontem Product Studio and Aptos have teamed together to create incredible dApps that are user-focused, simple to use, and scalable in an effort to hasten the mainstreaming and acceptance of the Aptos chain. The collaboration between Pontem and Aptos is paying off as the Pontem team has been working on core dApps and other infrastructure that allow anybody to utilize Aptos. including Pontem VM, Liquidswap Automated Market Maker (AMM), Move Code Playground, and other dApps.

Pontem is committed to helping developers learn about Move, building things for the rapidly growing Aptos ecosystem, enabling cross-chain Aptos interoperability with other blockchains via Pontem's Move VM, connecting permissioned and permissionless ecosystems, and hastening the creation of new Move-native applications.

For more updates, visit Pontem website.