Ranking decentralized applications is always tricky. Some people prefer to look at their volume or revenue, whereas others value the overall user count. Based on that last metric, OpenSea isn’t even in the top dApps top five.
The Five Popular dApps
People can access various services, products, and projects in cryptocurrency. Interacting with decentralized exchanges, financial solutions, metaverse projects, etc., is relatively easy. While some hope for blockchain games to finally pop off, it will take a while before they become the “king of the hill”. These games can succeed, but retaining users is a struggle. It is one downside to dealing with somewhat volatile markets.
The past month has seen some interesting dApp momentum. PancakeSwap has surged in popularity, with over 1.44 million users. That may seem like a low number, but the BNB Chain-based DEX has over twice the users of the second dApp, Uniswap. Although that latter exchange has over six times PancakeSwap’s market cap, it received under 650,000 monthly users. That confirms the steep gap between dApps and how hard it is for any project to attract people.
Seeing more people flock to DEXes during volatile market momentum isn’t abnormal. The bull market in early 2023 sparked a more considerable interest in BNB, ETH, and other assets. However, there were also various new project launches, airdrops, and the addition of Goerli ETH to DEXes. That will ensure these decentralized trading platforms attract users and draw attention away from other dApps. Monetary gain is most people’s priority, and everything else is secondary.
The remaining top 5 dApps include:
- One blockchain game (Alien Worlds – 590,000 users).
- A Web3 credential data network (Galxe – 414,000 users).
- Another trading platform (Atomic Assets – 496,000 users).
Most people flock to dApps for trading purposes or other monetary gains. But, unfortunately, that leaves many projects off the table. Another dApp in the gaming segment, Splinterlands, has 326,000 monthly users. The blockchain gaming industry has yet to find stable footing. On the other hand, DEXes continue to build substantial momentum.
Where Is OpenSea?
Some people might expect to see OpenSea in the dApps top five by monthly users. That is not the case, although it ranks in sixth place. With 359,000 monthly users, the platform remains in a good place. The user count hasn’t dropped much in the past three months. That is remarkable, given how Blur has become the primary NFT marketplace by volume these days.
However, that competition has impacted OpenSea’s volume and transaction count. Contrary to expectations, the platform’s volume rose by over 21% in the past month. However, the number of transactions decreased by nearly 28%. It will be interesting to see what happens once the excitement surrounding Blur’s upcoming airdrop dissipates. Competition among dApps is healthy, but only if it is sustainable and beneficial to the overall industry.
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