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The 5 Most Popular DApps on Avalanche Last Month

The Avalanche ecosystem has attracted much attention over the past few months. People actively search for affordable solutions in the blockchain space, as Ethereum often remains too expensive to use. The five following DApps on Avalanche note tremendous user activity, most of which provide exposure to decentralized finance opportunities. 

Trader Joe (255k Users)

It is intriguing to see how far Trader Joe has come since the project saw the light of day several months ago. Some dismissed it as “yet another DeFi clone,” yet the project continues to note strong user activity month over month. With 2.42 million transactions and over 255,000 users, this DeFi project on Avalanche remains one to watch. It offers some great opportunities for users with sufficient knowledge of decentralized finance and its risks.

Pangolin (56.5k Users)

Pangolin serves as a community-driven scalable decentralized exchange for the Avalanche community. It benefits from the technology’s fast settlement at low transaction fees. Moreover, Pangolin helps users achieve the best trading opportunities to maximize yield. More importantly, Pangolin has dozens of partners within the DeFi and broader blockchain industry. A monthly volume of nearly 420,000 transactions is impressive.

Aave (11.9k Users)

Most decentralized finance enthusiasts know Aave as a lending and borrowing protocol. The developers of this project built Aave on Ethereum, even though that blockchain hits technical limits rather regularly. To broaden the appeal of this solution, cross-chain support needed to be integrated. The choice for Avalanche was straightforward, contributing 154,400 transactions last month, courtesy of 11,900 users. 

Lydia Finance (9.98k Users)

The Lydia Finance Automated Market Maker (AMM) decentralized exchange builds momentum on Avalanche. It has over $23.4 million in Total Value locked, with support for yield farming at an APR of up to 557.83%. In addition, users can auto-compound their LYD earnings to maximize yield. Lydia Finance also has a lottery, launchpad services, and Electrum Pools. The near 10,000 users last month generated 61,600 transactions, as there are many opportunities to explore. 

Abracadabra (7.12k Users)

For those who want to produce magic internet money, look no further than Abracadabra on Avalanche. The platform offers interest-bearing solutions for various currencies, has borrowing functionality, and provides staking support. It is a multi-pronged approach to provide DeFi services that are in high demand and bring more attention to the Magic Internet Money (MIM) stablecoin. The platform had over 7.12k users last month, representing 52.8k transactions. 

Source: CryptoRank


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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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