The volume for DApp transactions continues to increase exponentially, with the amount reaching $270 billion so far in 2020. Some 95% of the total amount has been brought on by the Ethereum's DeFi ecosystem, which is seen as the main driver of growth for DApp solutions, according to DappRadar, an analytics firm tracking changes across the industry.
In a DApp Industry Report issued by DappRadar, transactions from BTC to ETH have intensified significantly, thanks to the soaring price of ETH. According to DappRadar, the increase in activity is owing to more attractive DeFi yields, triggering the Bitcoin-to-Ethereum inflow.
The report called 2020 the year in which DApps tried to grow at all costs and next year will put this growth to a challenge and test its sustainability and longevity.
However, Ethereum was not able to handle the demand, highlighting the limitations of the ecosystem which is now undergoing an update to improve scalability and free up congestion.
There has been a notable upward trend in hacking attempts on the Ethereum ecosystem as well, with ill-meaning parties stealing as much as $120 million in 2020 across 12 cyber-attacks.
While some uncertainty has been brought on by the rapid growth of Ethereum and DApps, the ecosystem is still one that excites interest. Gambling apps have been also proliferating, and some of the best Ethereum casinos out there, including FortuneJack, 1xBit and Bitcasino offer a sterling service.
However, to truly move forward and evolve, Ethereum will have to stabilize 2021 and improve the technological platform it runs on.
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