It’s the next 1000x! Buy now before its too late! You won’t believe this next project! We have a new DApp that will change the world! DApps are coming! DApps will save us from the bear market!
Crypto is full of FOMO lines like this.
Don’t believe the hype.
Sit down and do your research or you’ll soon get burned and lose all that hard earned cash to a scam.
One aspect of crypto coveted by ETH and other ecosystem blockchains is are DApps, or decentralized applications that can run on a blockchain instead of a centralized server.
Why are DApps heralded as a game changer? Because people want you to buy their coin and give them your money. DApps aren’t inherently better than centralized applications running on a server. They aren’t. It’s really that simple.
Because the fact is, DApps have little to no use at the current stage. Don’t believe me? DYOR.
This website is great for real stats but some data remains a bit old. That said, other data is up to date.
Now, maybe things will change later but right now DApps are a bit of a joke. There are a lot, 3,331 to be exact. And the website claims some 95k daily users transacting $23 million a day.
You might think “that’s a lot of money, crypto is finally taking off!”
But let’s look at what DApps are being used.
STEEM is the #3 blockchain for DApps being used, and it’s existence is now in question after being bought by TRON.
EOS and ETH Are #2 and #1 respectively .
The top DApp by users on EOS is an RPG game called EOS Dynasty with just some 3000 people. That’s it. Just about 3000 people. The #1 DApp on the EOS blockchain by volume transacted is a gambling DApp. As is the second and all others.
Excluding an exchange DApp, the top 7 DApps on the EOS blockchain by volume transacted are gambling DApps. Nobody uses it for real world uses.
As for ETH, The top seven are composed of finance, exchanges and gambling. There are no DApps that everyday people use for daily life.
At this stage, the only really interesting DApp on any platform is MakerDAO. But MakerDAO has even less daily users than the RPG game on EOS, with just over 2,000 people a day at the time of this article.
The top Ethereum DApp by user volume is My Crypto Heroes, with almost 3,000 users transacting a meagre 4 ETH a day.
So that’s it. The state of the DApps is dismal as best, a fad at worst.
What about that $23 million dollars a day in transaction volume I cited above? The majority of it comes from exchanges and gambling, as seen in the above picture. That’s it. There’s no revolutionary DApp bringing in million of users. There’s no special use case beyond trading for other alt coins or gambling on your stacks with a house that always wins.
In short, DApps have no use case and, at this time, mean nothing.
Any project that tells you to spend your precious Bitcoin because of some new DApp should be written off.
I should say that yes, Publish0x is a DApp on ETH and no, it isn't useless. In fact I have enjoyed it a lot in my one
