Gaming is Out, DeFi In for Ethereum (ETH) Use Case - Cryptovest

clicks | 13 days ago | Google AI sentiment 0.30 | comments: discuss | tags: bitcoin ethereum

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Ethereum (ETH) shifted its use case in the third quarter of 2019. Until recently, distributed apps were seen as the biggest potential driver for ETH adoption. Dapps even displaced the previous use case for ETH, as an asset for fundraising in ICOs.
Now, the latest Dapps Report by shows that the third quarter saw a giant shift in usage, as well as competition between Ethereum and other networks. Decentralized finance, or DeFi, a collection of various collateralized crypto lending schemes, took over the Ethereum network.
The transformation sparks hopes that ETH may remain a valuable asset, due to the promises of robust returns from lending schemes. At the same time, former Ethereum dApp users dropped off in vast numbers in comparison to Q2.
DeFi schemes, on the other hand, added the equivalent of $525 million in ETH collaterals. The creation of DeFi dApps drove development in the past quarter, making up 58% of all users in the past quarters.
In total, 132,000 users were attracted by DeFi in the past quarter. Overall, the Ethereum network attracted a historical high of 310,000 users, again driven by decentralized finance lending schemes. The leading DeFi app is still Maker DAO, as well as Nest.
The TRON network has grown the fastest, adding 500,000 new users, and is now the largest blockchain ecosystem of all. However, most TRON dApps rely on gambling, and TRON shows the least diversity among the three largest platforms.
EOS was the slowest-growing platform in Q3. However, the EOS network of accounts shows the best retention rate, with 40% of users carried over from Q2.
The growth in Q3 was not without its pains. The Ethereum network had to function under extraordinary conditions, with up to 59% congestion from the Fair Win FOMO game . At the same time, market price instability led to collateral liquidation for some accounts on the DeFi Saver platform.
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