Quick take:
- In the month of August, Transaction volume on the Ethereum network exceeded $24B
- The high network activity was driven by DeFi and DEXs on the Ethereum Network
- Ethereum transaction volume exceeded other smart contract platforms such as EOS and Tron
The team at DAppRadar has released their August 2020 Dapp ecosystem report. In the very elaborate report, one metric stood out in the form of Ethereum’s transaction volume for the month of August. According to the team at DAppRadar, it exceeded $24 Billion and was almost double that of the previous month.
DeFi and DEXs Helped Increase Ethereum’s Transaction Volume
Key to this increment in transaction volume on the Ethereum network was DeFi and Decentralized exchanges. The team at DappRaddar explained it as follows:
Record-high figures could be spotted in transaction volumes too. Transaction volumes almost doubled in August and surpassed the $24 billion line. Of course, DeFi and DEX dapps played a vital role there. Both grew by $9 billion in August.
Uniswap v2 grew by $3.8 billion reaching $5.4 billion in August. Curve also showed incredible results increasing value by $3.3 billion and reaching $4.9 billion in August.
Last but not least was lending protocol Aave increasing transaction volumes by $2.1 billion and reaching $3.5 billion in August.
Ethereum Transactions Eclipsed Those of Other Smart Contract Platforms
Additionally, when comparing the transaction volume activity on the Ethereum network with other smart contract platforms such as EOS and Tron, the team at DApp radar concluded that ETH transaction volume took the top spot accounting for 94% of total transactions.
Ethereum transaction volumes account for 94% of total transaction volumes in August. The protocol increased its share by 2%.
Activity on the Tron Network Has Increased Considerably
The report also provided an overview of seven blockchains which included the mentioned Ethereum, EOS, Tron (TRX), Steem (STEEM), Hive, ThunderCore and WAX. It explained that second to Ethereum, the Tron network demonstrated considerable growth in all main metrics.
TRON demonstrated growth in all main metrics. Both daily active wallets and transaction volumes reached their highest value of 2020. TRX also faced an increase in August. The vast majority of activity was within the High-Risk category.