In the world of Decentralized Applications (DApps), EOS seems to gain momentum over Ethereum in terms of daily active users, transaction volume, etc.
We saw a huge interest in DApps last year when Cryptokitties clogged the Ethereum network, the company even raised $12 Million only to see a drop of more than 96% of its users. Even the Most awaited DApps like Augur have few users, that being said EOS DApps are slowly gaining momentum.
EOS Beating Ethereum?
Daily Active users
The data from DappRadar shows that only 5 DApps on EOS and just 2 on Ethereum have had more than a thousand users in the past day.
Among the top ten DApps which make up the majority of users around, EOS managed to get around 20k users whereas Ethereum got just over 7k users.
Image Source: DappRadar
Transactions and volume
Among the top ten DApps in terms of transaction volume EOS managed to get a transaction volume of 12 Million EOS tokens which is worth around $67 Million at the current price which is four times larger than that of Ethereum’s 71000 tokens worth around $16 Million.
EOS DApps even dominated Ethereum DApps in the number of transactions in the past week where a single Gambling DApp called EOSBet had more transactions than all the Ethereum DApps combined.
Most of the DApps in both the platforms are speculation related like Gambling or games. Some are decentralized exchanges and some are even outright Ponzi Schemes. We are yet to see an application which is not speculation related and is widely used.
Although EOS is gaining traction in terms of adoption, it comes nowhere near Ethereum when it comes to Developer interest. Ethereum is by far the biggest community in terms of size and is ahead in the documentation which matters a lot to the newer developers.
Organizations like Consensys and EthGlobal hold hackathons constantly which has sparked interest in the Developer community. Whereas the infrastructure in EOS is not yet ripe to spark developer interest, and it is also a bit harder to develop on EOS if it costs the developers tokens to deploy the applications, that being said, EOS has a war chest of $4 Billion raised in its ICO which pretty much can incentivize developers and help educate to build on the platform.
It will be interesting to see how the ecosystem will turn out from a year or two from now. There are various factors like Network Effects, Developer interest, ease of use, the utility of the DApps, etc that come into play to determine which smart contract platform will stay ahead.
Does the theory behind EOS of compromising Decentralization for usability help it get ahead of Ethereum? Or will Ethereum solve its scalability issues and become ready for mass adoption in that time frame?
What do you think? Comment down below.
Disclaimer: The facts and figures used in the article may be approximate and not completely accurate sourced from DappRadar. The users are urged to do their own due diligence before making decisions based on the data.
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