Prominent cryptocurrency network, Ethereum has a significant network update underway. While the update is still in works, the network has been faring well not only in the DeFi space but has also taken over the DApp market.
Ethereum Community Prepping The Right Way For ETH 2.0
Decentralization has been one of the major driving forces of the cryptocurrency industry. Several people enter the industry to escape the clutches of the centralized institutions that run the monetary world. Despite this, several platforms in the crypto-verse continue to uphold centralization. However, to those who believe decentralization is a compulsion, the crypto-verse has a space dedicated to decentralization.
Lately, Decentralized Finance [DeFi] has undoubtedly been the talk of the town. The DeFi space even locked value as high as $2.207 billion. DApps weren’t far behind as the decentralized applications market also witnessed significant surges. As per DappReview’s latest quarterly report, highlights had hit an all-time quarterly high of $16.73 billion in terms of transaction volume. The latest figures witnessed a 153.7 percent increase in the second quarter of 2019.
Ethereum 2.0 is scheduled to be launched in 2020. While the Ethereum community awaits its transition from Proof-of-Work to Proof-of-Stake, the network seems to be witnessing eventful accomplishments. The report also suggested that Ethereum was behind most of the transaction volume in the previous quarter. The network alone accounted for 85.3 percent of the volume while TRON and EOS were responsible for 14.3 percent together.
Etheruem’s transaction volume reportedly summed up to $14.27 billion in the second quarter of 2020. In Q2 of 2019, the transaction volume of the network recorded a mere $14.27 billion, this further revealed that Ethereum had observed a whopping 334 percent increase.
TRON Takes A Backseat
Last year, the Tron network had a good hold on DApps. However, the transaction volume of TRON DApps had taken a hit and plunged down by 10.4 percent since the Q1 of 2020. The network’s transactional volume was accounted for $370 million during the Q2 of 2020.
While TRON continued to fare low, EOS witnessed a 16.7 percent increase than the first quarter of 2020.
Furthermore, the report pointed out that most of the transaction volume came from the decentralized finance space where Ethereum had established dominance.
Ethereum seems to be moving the right way as the community is in anticipation of Ethereum 2.0.