Ethereum (ETH) is one of the hardest hit cryptocurrencies in the current bear market. Down from an all time high of over $2,000 USD per coin, ETH is now stabilizing closer to $100. Despite this fact, the Ethereum blockchain remains the most popular environment to develop decentralized applications (dApps). Native smart contract support, a large developer skill base and sheer momentum, keep Ethereum at the top of the dApp food chain.
While dApps promise an entire array of products that can be enhanced with blockchain technology, the current offerings are in a narrow band. The top five as measured by active users are split between two types – decentralized exchanges and crypto-collectibles.
Centralized exchanges are the front-end of the cryptocurrency market. Newer investors can easily trade high profile coins and tokens with simple user interfaces. However, should they want to get involved with newer projects or lower market cap coins, decentralized exchanges are the solution.
IDEX is the largest decentralized exchange on the Ethereum blockchain. They offer a wide range of ERC20 tokens and boast a both the highest user count and the highest trade volume – with one of the best user interfaces available outside of the centralized exchanges.
Slightly deeper into the cryptocurrency sphere, ForkDelta holds the number two spot. Another decentralized exchange, ForkDelta offers the widest array of ERC20 tokens of any exchange. It serves as the entry point for many of the newest projects – allowing them to build capital as they move into the industry.
Third on the list is 333ETH – which is less of a dApp and more of a blatant Ponzi scheme. The idea behind the application is that users put in an amount of ETH and receive ETH in payment as each new user joins the system. Despite holding the number three spot on the list of Ethereum dApps, ranking site Dappradar.com lists 333ETH as a ‘High Risk’ dApp.
Well known across the industry, CryptoKitties is the first – and still largest- of the ‘cryptocollectibles’ market. Users buy, sell, trade and breed colorful cats worth as little as a few cents to as much as tens of thousands of dollars. The fad caught on at the end of 2017 and exploded alongside the crypto-boom. While the bear market has taken a toll on crypto-gaming as a whole, CryptoKitties is an innovator in the field. Their continued development has allowed them to survive despite the poor market.
While not reaching the heights of CryptoKitties, number five dApp Etheremon offers many of the same features. Users buy fanciful creatures using ETH and gain ETH when other users buy the same type of Etheremon. However, despite a top spot among the Ethereum dApps and a title featuring the name of the blockchain itself, Etheremon is looking to move to a different blockchain due to “scalability issues.”
Article By: Adam Stone