FLETA —Current Users’ Most Favorite DApps
When Ethereum ushered in the Dapp-era and with the world losing their collective minds over initial coin offerings (ICOs), it was believed that DApps are going to be the future. However, after two years into this supposed “DApp era,” the response has been underwhelming, to say the least. DApps have struggled to gain a consistent user base and there are several reasons for that. In this article, we are going to look into this lack of adoption and what can be done about that.
The current state of DApps
Let’s look at the state of the DApps in the current crypto space. We will be getting our data from Dapp Radar.
Users in the last 24 hours
We have three EOS DApps, one Tron and one Ethereum DApp in the top 5. So, what are the Dapps we have in the top 5?
- ENBank has been described as the “Chinese Pyramid Scheme” by Boxmining.
- PRA CandyBox is a token distribution dApp.
- TRONBet is a gambling DApp.
- EOS Knights is a gaming DApp.
- My Crypto Heroes is a gaming DApp.
So, the conclusion that we can draw from this is that the only two DApps which managed to get more than 6,000 users are a pyramid scheme and a token distribution DApp.
Transaction Volume in the last 24 hours
Let’s look at the DApps when it comes to transaction volume in the last 24 hours. In the top five, we have four gambling DApps and one exchange.
Number of transactions in the last 24 hours
When it comes to the DApps with the most activity transaction wise, once again, we can see that all five belong to the gambling category.
So, from the current state of DApps, there are some conclusions we can make:
- The adoption game isn’t going quite well. It’s rare of DApps to gain more than 10,000 daily users. The scary part is that 58% of the DApp projects have less than 50 daily active users and only 12% have more than 500 daily active users.
- The quality of DApps is not up to par at all. Mere gambling DApps and “Chinese pyramid schemes” doesn’t really scream “mainstream appeal.”
- We can’t blame the developers for the lack of quality DApps. The platforms available are simply not competent or efficient enough to host them. Its the equivalent of demanding GTA 5 on systems which can support Mario at best.
In this article, let’s focus on the adoption problem. There are two main challenges that developers and users are facing on this regard:
- Lack of quality platforms.
- Lack of Abstraction.
Lack of Quality Platforms
The lack of scalable and development-friendly platforms are a huge problem. In other words, the current platforms are extremely expensive to develop on and they don’t have the architecture required to build DApps with mainstream capabilities. We have already covered this before which you can read here.
Lack of Abstraction
Before we go any further, let’s understand what abstraction means. Abstraction is the property by which a user can interact with an entity without knowing any of its inner workings. Eg. You are probably reading this article on your laptop or smartphone. Do you need to understand the inner workings of your devices to interact with it in any way? Not at all. Modern laptops and smartphones are seminal pieces of beautiful abstraction.
First things first, users are just not educated enough when it comes to the blockchain and the decentralized spaces as a whole. This is obvious after all, users are so used to centralized systems that they will need some time to adjust. This is not something that developers can help with, it will solve itself with time.
So, what is in the hands of blockchain developers right now? The most important thing to improve is the poor user experience of the current platforms. Eg. in Ethereum-based games, users will need to consistently interact with web-wallets like MetaMask to pay the gas fees. This makes the user experience very bumpy and scares people off. Browsers like Opera and Brave are trying to provide solutions for better integrations between web browsers and cryptocurrency wallets.
The current state of DApps is not at all ideal, however, the crypto space is working tirelessly to revert this situation. The biggest responsibility currently falls on the smart contract platforms. They need to create a platform which is fast, cheap, and can provide a good user experience. Once we see some progress in this regard, the responsibility will fall on the DApp developers to create DApps that people will actually want to use.