DApps is an application developed on a decentralized network and combines smart contracts as a front-end user interface. The first DApp was launched in April 2016 over the Ethereum blockchain. The concept is emerging as the future of technology with its potential to make secure monetary transactions.
DApps simply add a layer of security that is not offered in the traditional banking system, boosting the popularity of the concept in the crypto market. There are around 2,800 DApps on the Ethereum blockchain. Here are some of the DApps that are going to build the effective future of the crypto market.
Uniswap V2
Uniswap V2 is a decentralized cryptocurrency exchange introduced in 2018. It is a secondary iteration of Uniswap. The platform does not require the addition of Ethereum (ETH) as one of the crypto assets and offers users to directly swap between two ERC-20 tokens.
Currently, the DApp has around 2014 coins and 3125 trading pairs with a total volume of $94,259,304.84. The concept played a major part in reducing the number of transactions and offers a user-friendly transaction platform. Traders using the Uniswap V2 platform need to pay a transaction fee of 0.30%.
OpenSea
OpenSea is a platform used for bidding, buying, and selling NFTs considering smart contracts. It is a decentralized NFT marketplace for trading digital goods and is one of the largest marketplaces for NFTs. OpenSea was launched in December 2017 for trading NFTs over the Ethereum blockchain. The platform is best known for its close connectivity with modern games, socials, and artists offering a high level of security, user-friendly platform charges around 2.5% as a transaction fee. The platform’s current value is around $3 Billion and has around 1 Million users at the moment.
Compound
Compound is another strong player in the crypto market that allows users to lend, borrow and earn over specific currencies. It is a DApp developed in September 2018 and operates over an Ethereum blockchain platform. Compound allows working with 14 different types of cryptocurrencies including ETH, Dai, USD Coin etc. The platform simply offers a range of earning options without any requirement for the trading fee which makes the platform unique from other DApps. The current price of the Compound is approximately $58.55 with a trading volume of $103,506,612.
MakerDAO
MakerDAO is one of the oldest projects on Decentralized Finance (DeFi) on Ethereum that allows individuals with ETH and Metamask wallets to take part in the trading of digital assets. The platform was launched in December 2017 with the purpose to allow users to trade and earn money. The current price of MakerDAO is $1,003.48 with a total trading volume of $116,960,267 and it is expected to increase shortly. MakerDAO offers smart contract audits, community governance, and multi-signature wallets that provide a secure and reliable platform to trade.
Socios.com
Socios.com is another powerful DApp that mainly empowers fans supporting clubs with tokens and rewards. The platform was developed by Alexandre Dreyfus in 2018 with the purpose to reward the fans for their loyalty. The DApp simply allows users to trade, buy and execute voting rights in their favorite team using cryptocurrency. Great rewards for loyalty and chances to win prizes make the platform unique from other DApps.
Conclusion
DApps are digital applications running over a decentralized network and use digital assets as a means of payment. Socios.com, Compound, MakerDAO, OpenSea, and Uniswap V2 are some of the best DApps over Ethereum Blockchain.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/08/top-5-decentralized-applications-on-the-ethereum-blockchain/