The cryptocurrency landscape and its DApps are very exciting to keep tabs on. Numerous metrics can help paint an interesting picture of what happens behind the scenes. For example, multiple DApp projects secure over $250 million in transaction volume per 24 hours, but their revenue may differ from what one would expect.
24-Hour DApp Volume Trends Are Intriguing
No one will be too surprised at the order in which the following protocols, DApps, and blockchain game are ranked by daily volume. Some projects are far more popular than others, even though their revenue generation may tell different stories. There is always more going on in this industry than meets the eye at first. That can be both positive and negative, depending on one’s expectations.
Axie Infinity (AXS)
As the go-to play-to-earn blockchain game on the market today, Axie Infinity is the only DApp generating over $1 billion in daily volume. More specifically, the project has $1.18bn in 24-hour volume, even though it doesn’t require users to lock up funds. With a monthly revenue of $192.65 million and a 9.45% price increase, AXS and Axie Infinity are on the right path once again.
dYdX (no token)
There are many exciting DApp projects in the world of decentralized finance. For dYdX, the price momentum is non-existent, as there is no native token (yet?). However, its TVL has risen by 53.26% in the past 36 days, and the daily volume sits at over $554 million. It is one of two projects generating over $500m in daily volume. Moreover, the $48.45m in revenue is not bad, although much lower than expected with such a volume.
It may surprise people that Uniswap isn’t generating over $500m in daily volume. In fact, it struggles to hit $390 million today. Combined with an 8.05% decrease in TVL over 30 days, things look a bit bleak. The UNI price also lost over 16.5% of its value this month. Despite these negative aspects, Uniswap still generates $106.23m in revenue, putting it behind Axie Infinity.
Although some people might have expected SushiSwap behind Uniswap, one shouldn’t overlook PancakeSwap either. The native AMM DEX of Binance Smart Chain remains very successful. Even though CAKE lost 12.2% and the PancakeSwap TVL decreased by over 13.4% in the past month, its daily volume of $387 m is impressive. It may even overtake Uniswap at this rate. The $47.04 million in revenue isn’t half bad either.
Three DEXes in the top five for daily volume is no big surprise where DApps are concerned. SushiSwap, once considered a “better Uniswap”, does $271.26m in daily volume. Moreover, the TVL has risen by 2.39% this month, despite SUSHI losing 11.1% in value. Unfortunately, the $36.13 million in 30-day revenue isn’t too great, although that situation can change rather quickly.
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