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Is DeFi eating the gambling space?

DeFi is eating away at the high risk DApp market share. A look at DApp usage in imToken

Gambling and high risk DApps have been popular all the way back since the first bitcoin dice sites. However, DeFi seems to be catering to a similar user base. Because, as funny as that might sound, DeFi is eating the gambling/high risk DApp market share.

Let’s take a closer look at DeFi vs. gambling below. Or read our ealier post on DeFi in China:

Let’s first take a look at the DappRadar DApp charts. You will find that a lot of users are using high risk and gambling DApps: Around 43% of top 100 DApps by user count.

Gambling and high risk involves everything from fair/provable gambling (i.e. DApps based on smart contracts that are verified on Etherscan and maybe even with a security audit) to unverified ponzi schemes.

Note how the user numbers are high, while the dollar volumes are actually low compared to the bigger DeFi applications. High-risk DApps have smaller users, but many of those.

https://dappradar.com/rankings

The categories of DApps that are not high-risk such as fair gambling, games and tooling (such as ENS or our own DApp tools) have been stagnating recently. Who wants to pay $10 gas fee to buy an NFT?

imToken users’ DApp usage

At the same time, DeFi has been growing like crazy. Not a huge surprise: A $10 gas fee doesn’t matter that much if you get (or at least hope for) a 10x of your ‘investment’.

imToken users’ DeFi DApp usage

Overall, again, high risk DApps have by far the most users.

imToken users’ DApp usage

However, notice the plunge in user numbers over the last 2 months: We are seeing less high risk DApp users while DeFi is growing.

DeFi is literally eating away the market share of high risk/gambling dapps.

defi is eating scams for lunch

Let us know what we should write about next! Read our earlier post here:

… or directly on www.token.im

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imToken

imToken

Wallet for Ethereum ETH, Bitcoin BTC, Arbitrum, Optimism, zkSync, Aztec, Polkadot DOT, Kusama KSM, LTC, EOS, Tron TRX, Cosmos ATOM, BCH, Nervos and more