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Ethereum (ETH) transactions on decentralized applications (DApps) have registered a new high according to a report by Diar. The total number of Ether tokens moved through transactions on decentralized applications in April 2019 surpassed the previous all-time high of December 2018. Although the new record only tops the last one by a small margin, it sets a four-month growth in on-chain volume according to the report.
While the transaction volume has seen an increase, the number of new DApps has crashed to a 15-month low, leaving the market with mixed sentiments regarding the progress of the decentralized applications sector. Decentralized applications have become a major source of innovation and adoption for cryptocurrencies like Ethereum, EOS, and Bitcoin. These applications are introducing new ways to travel, eat, shop, communicate and much more through the use of decentralized ledger technologies. All these apps support the transfer of value for services rendered or products purchased through multiple different cryptocurrencies. Building a small cloud of applications supported by each of the prominent cryptocurrencies.
According to the report, in April there were 776K Ether transactions on Ethereum-based decentralized exchanges (DEX) and decentralized gambling applications. Comparing the performance of Ether transactions in recent months, the report by Diar notes that the Ethereum DApp transaction volumes represent a 46 percent increase. It is a 186 percent increase over the early 2019 stats when the Ether transaction volume took a nose dive.
Discussing the low count of new projects on the Ethereum blockchain, the report remarks that there is no apparent reason for the low numbers. New projects are not being launched on the Ethereum blockchain despite the steady increase in user activity on the Ethereum DApps. Only 88 new decentralized applications were deployed on the network. Numbers like these were last seen back in 2018 at the time of the great crypto crash. “April wraps up a continuous declining trend in deployment since September 2018, bar a flurry of new DApps that got launched at the end of 2018 which marked the highest point of development to date,” says the report.
The report goes on to say that “Developer interest though has hardly waned. The Truffle Framework which has become a core tool for programmers to build on top of Ethereum has seen downloads hit an all-time high this year with sustained quarter-on-quarter growth.”
An argument could be made that the low number of new projects on the Ethereum blockchain doesn’t mean anything except that the focus has shifted from launching new projects to maintaining older ones. It is also obvious that development and launch rate is high for any blockchain in the beginning but as it matures, the stats begin to settle down.