The world of decentralized applications, or dApps, tends to attract a lot of attention. Across the various segments, gambling dApps are widely considered to be the most successful. Volume-wise, that is undoubtedly the case, but user-wise, things do not look so promising.
The Success of Gambling Dapps
One of the first use cases for cryptocurrencies is always related to gambling. People want to put their holdings to work, and chance-based opportunities draw a crowd. However, thanks to blockchain technology and smart contracts, provably fair gaming has now become the norm rather than an exception. As players can verify the outcome of every wager transparently, there are no lingering doubts regarding hidden house edges and other shenanigans.
Over time, competition has heated up among decentralized gambling applications. Some are more advanced than others, yet they all share a common goal. Empowering layers and providing a fun experience are the top priorities. For this reason, numerous applications remain successful and process over $100,000 in weekly volume. Some even surpass the $1 million mark, which is rather impressive.
Today, there are four gambling dApps with a weekly volume of over $1 million. That is not terrible, yet not too great either. Compared to traditional solutions, the dApps industry is a tiny fish in a large ocean. Even so, it shows many people prefer a transparent and permissionless approach to gambling and betting. Projects such as Dice2.Win, WINk, Decentral Games, and SportX reap the rewards from this unconventional approach.
While all of these platforms see more than healthy volume, it becomes a matter of sustaining momentum. Unfortunately, that is often easier said than done in the crypto world. Competition is fierce, and catering to a large crowd is always a challenge. Particularly for those not involved in cryptocurrency today, these gambling dApps may not offer too much appeal.
User Retention Remains A Challenge
Although weekly statistics may not paint a clear picture, it is challenging to retain user attention. That is a tough ordeal for any provider of digital services, even the gambling dApp segment. When Dice2Win, the leading platform, loses 14.04% of its users, things don’t look promising. Moreover, the platform has a volume of over $6 million with just 49 players, which is rather interesting.
SportX saw virtually no user growth this week, and Decentral Games welcomed 4.38% new players. As both platforms have 160 and 381 active players in the past week, any chance will be noticeable. The most extensive growth is recorded by WINk, with nearly 10% extra players, bringing its weekly total to 1,860. Even so, the overall user bases remain very small for gambling dApps, even in 2021.
Further down the rankings, there is tremendous growth for Luminous. Expanding the suer base by 240.51% in a week is impressive. Moreover, the dApp processed over $800,000 in volume, indicating it may enter the top four soon. Doing so will require a continuation of the current trend, though. However, Luminous has the highest “balance’ of all gambling dApps, creating an intriguing scenario.