Decentralized finance (DeFi) projects based on the Ethereum blockchain have grown by 778% when compared to the first quarter of 2019, driving growth in the decentralized application space.
According to a report published by DappReview, compared to the first quarter of 2019 the total value of transactions made on decentralized applications grew by 8.2.2% to $7.9 billion, across a total of 13 different blockchains.
The top three blockchains – Ethereum, TRON, and EOS – contributed a total of 99.1% of the volume. The report notes that both TRON and EOS, however, lost users and transaction volume year-over-year, while Ethereum kept on growing.
This growth saw decentralized finance projects increase 778% compared to the first quarter of last year. Notably, these grew even though the total active addresses interacting with decentralized applications dropped by 22.1%.
The report notes that on the Ethereum blockchain, the total transaction volume on decentralized applications during the first quarter of the year was of $5.64 billion, an increased of 652% compared to last year. The report reads: