Decentralized applications, or dApps, are the lifeblood of blockchain technology and cryptocurrency ecosystems. Although bitcoin has next to no offerings in this category, other blockchains may specialize in it. The current ranks by users over the past 30 days are exciting and also rather intriguing.
PancakeSwap Maintains A Lead Over Other dApps
No one is shocked to see decentralized exchanges, and particularly AMMs, at the top of the dApps ranking these days. There is tremendous interest in swapping between various tokens on the blockchain without using order books. PancakeSwap, an AMM DEX on the Binance Smart Chain, is, per the data, the most actively used dApp on the market in the past month. A significant milestone, as competition is heating up in this space.
What is interesting, though, is how PancakeSwap maintains this lead. Despite a near 16% drop in monthly users, it still notes 1.95 million people using its platform. A tremendous amount, considering other platforms don’t come close to these levels in the slightest. There are only 17 dApps with over 100,000 monthly users right now, which is a bit surprising.
Even among the other AMM DEXes on this list, PancakeSwap stands out. Its user base is six times as high as Uniswap V2 and nearly ten times as high as Uniswap V3. A bit surprising, considering how Uniswap is a staple in the cryptocurrency world these days. However, it is unclear if there is any wash trading or fake volume associated with PancakeSwap, as $20.75 billion is huge. Uniswap V2 processes $28.12 billion, and Uniswap V3 has just over $6 billion.
On that same note, one would expect more people to migrate to Uniswap V3 already. That is, for some reason, not the case. Uniswap V2 has a 32% decrease in users, though, so migration of sorts is taking place. It will be interesting to see how that affects the overall volume rankings of V2 and V3. Other trading platforms, like AtomicMarket and JustSwap, are even further behind in the rankings.
What Else Are People Interested In?
Looking beyond the DEXes and AMMs, it is interesting to see what else people grow excited about regarding dApps. Alien Worlds, a metaverse-based ecosystem where anything and everything can be tokenized, notes a healthy user base of over 251,000 players. NBA TopShot, the NBA-related digital collectibles game, is still ahead of Uniswap V3 in terms of monthly users, which is intriguing for multiple reasons.
Axie Infinity also gains momentum. While most people focus on its price, it is clear that the ecosystem attracts a lot of attention. The play-to-earn model of this blockchain-based game gains global recognition, resulting in a 324.9% monthly increase in users. At this growth rate, the application will overtake Uniswap V2 in the next month.
Beyond that, it seems most of the dApps struggle to retain their user base, let alone attract bigger audiences. There is still much room for competition and exploration of new ideas. However, it can be difficult to captivate an audience, particularly those not actively involved in cryptocurrencies. It will be interesting to see how developers tackle those aspects in the future.