Dapp volume on Ethereum hit US$120 billion in third quarter

Ethereum’s Decentralised Finance Applications (DeFi) totalled 99% of turnover in the third quarter of 2020

The volume of transactions at Blockchain Ethereum reached US$119.5 billion in the third quarter of 2020, increasing almost 1,200 percent compared to the previous quarter, according to the DappRadar report published this Friday (02).

According to the report, Ethereum’s transaction volume had reached US$10.2 billion in the second quarter of 2020. This sharp increase was made possible mainly by the boom in decentralised finance (DeFi), which continues to attract new investors.

Among the 13 blockchains listed on DappRadar, Ethereum Profit Revolution accounted for 96% of the total transaction volume, maintaining by far its superior position over its competitors. At the same time, the DeFi ecosystem accounted for 99% of these figures.

„We have seen that the DeFi ecosystem is not only the number one category, but also holds 99% of the value within the Ethereum blockchain in the third quarter of 2020,“ DappRadar noted.