2020, a pivotal year for the Ethereum revolution

2020, a pivotal year for the Ethereum revolution

If you’ve been following the crypto news closely this year, you couldn’t miss the myriad of twists and turns relating to Ethereum. Decentralised finance, launch of Ethereum 2.0, thousands of new users, … The year has been rich in emotions for the prince of cryptomonnages.

The DeFi movement was not, strictly speaking, initiated in 2020. In fact, it slowly began to make a name for itself throughout 2019.

As a reminder, DeFi represents all applications that offer financial services in a decentralised manner (dApps).

Despite a timid start in 2019, the craze accelerated in 2020 with Bitcoin Circuit the multiplication of the number of protocols and the influx of funds on these protocols.

Thus, in the space of 12 months, the funds involved in the DeFi ecosystem have increased by a staggering 2,200%, rising from 600 million to 13.74 billion dollars at the time of writing.

Among the DeFi protocols that have been the most talked about are MakerDAO, Uniswap, Compound, Aave and Synthetix.

Explosion in the number of users

In parallel with the growth of DeFi, the number of users of dApps on Ethereum has also exploded.

A striking example is the MetaMask wallet, which has passed the one million monthly user mark. A figure that gives a foretaste of the number of Ethereum dApps users.

According to data provided by State of the Dapps, the number of users of Ethereum has almost tripled this year. Indeed, in April 2020, Ethereum had approximately 31,000 daily users, compared to 86,000 at the time of writing.

2020: the domination of Ethereum

In recent years, we have seen the emergence of many projects presented as „Ethereum killers“. These new blockchains with smart contracts promise to surpass Ethereum on all levels.

However, the year 2020 was finally the year of consecration for Ethereum. Indeed, still according to State of the Dapps, Ethereum is by far THE most used smart contract blockchain, far ahead of EOS or Tron.

Whether in terms of the number of applications, users or transaction volume, Ethereum is ahead of the competition on almost all fronts.