EOS dApps seeing higher transaction volumes than Ethereum’s

According to dApps stats provider, DappRadar, EOS-driven offerings are already outstripping Ethereum based offerings in terms of transaction volumes. Here are the details. 

According to stats from DappRadar, the many apps being developed to run on the EOS blockchain are now generating more revenue than those running on Ethereum’s.

Unsurprisingly, perhaps, the big driver of that volume has been gambling – an activity that lends itself to the platform and is relatively easy to implement. Here are the Top 10 dApps on EOS at the moment, with EOSBet in second place in terms of users, but well ahead in terms of the amount of money running through its network.

 

Top 10 EOS dApps, courtesy of DappRadar

In comparison, here are the Top 10 Ethereum dApps…

 

Ethereum dApps Top 10, courtesy of DappRadar

Ethereum has struggled, of late, not only in terms of price – which has undeniably been an issue, with it dropping well below $300 – but also in terms of public perception that it is not living up to expectations as the basis of other apps. It has led to interjections from some of its great-and-good to bolster expectations, and some interesting takes on its woes from others in the industry – not least EOS’ creator, Daniel Larimer.

Looking at the numbers above, though, it’s not all woe for ETH. It’s pretty easy to see that, while interesting in EOSBet is skewing the revenue figures in EOS’ favour, in terms of user-base Ethereum has a clear advantage. Based on users, EOSKnights – an RPG, the first game to run on EOS’ blockchain, and the top rated app on the chart – would only rank third on Ethereum list. Indeed, EOS’ fifth-ranked offering – the DEXEOS exchange – wouldn’t even make the Top 10 of its competitor’s dApps.

It’s those user numbers, though, that have been the source of much conversation of late. It’s become obvious that adoption of dApps has a long way to go to match the kind of expectation placed upon them by ICO investors. The prime example of this is ‘Prediction Markets’ (read: betting) app Auger, which – with a valuation of $308m – had only around 60 daily users on August 7th. On the back of those kind of numbers, a simple bit of maths values each of them at a ludicrous $5m each.

While Auger was a notable outlier, some of the other per-customer valuations made by our colleagues at CryptoGlobe were equally eye-watering for followers of fundamentals.

One of the big drivers of blockchain innovation over the last year, decentralised apps (dApp) have been the central offerings of popular ICOs. Ontology (ONT), EOS (EOS), and increasingly Ethereum (ETH) are providing platforms upon which to build them, and they have spawned some massive offerings of their own. EOS itself if the prime example of this, having closed its ICO with over $4bn in its war chest. Telegram’s similarly massive, and currently still highly secretive, offering based around the creation of  its Telegram Open Network (TON) dApp platform – and a suite of products to utilise it – is said to have raked in nigh-on $2bn, without ever publicly releasing a whitepaper.

As we have previously reported, EOS currently has 200 or so dApps being created for its blockchain. According to State of The Dapps, though Ethereum currently has 890 active apps, with 297 listed as ‘work in progress’, 176 ‘Prototypes’, 153 in ‘Beta’ and 57 at the ‘Concept’ stage. It also has a massive lead in terms of developers, according to ConsenSys (whose CEO, it must be said, is Joseph Lubin, co-founder of Ethereum) with over 250,000 working on projects.

dApps use blockchain and tokenisation – and the benefits thereof, such as immutability and consensus – as the basis for their software. Thus, games, cloud storage and computing, messaging apps, social networks, exchanges or something nobody else has thought of applying it to as yet, a built on top of blockchains. The idea is, put simply, anything that has been centralised onto massive servers already (an MMO, a social network etc), can eventually be decentralised and tokenised.

To evangelists, dApps represent the brave new world of applied blockchain technology – a way that the Bitcoin’s tech innovation can become more than just money; an un-censorable, unimpeachable, record of events and a way of seamlessly monetising the information and content we freely hand to large corporations like Google, Facebook, Uber et al on a daily basis in return for their services.

To other less ideologically driven observers, however, they are still little more than inferior versions of products and services that are already available – and a solution still looking for a problem.

The idea that blockchain technology ‘needs its Uber’ has become something of a rallying for those who see the technology as the future. The problem is, apparently, that the world already has an Uber – and nobody is quite sure that people will switch to a blockchain based one simply on ideological grounds.

Image: Pixabay