Learn about Ethereum blockchain development
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In our previous article ( Review of Ethereum Tools and Frameworks), we discussed Ethereum tools and infrastructure.
In this article, we learn about 100 DApps running on Ethereum.
As we discussed in our previous series, DApps are software applications that communicate with the blockchain network and run on the P2P network. The following diagram shows the top 100 DApps that are running on the Ethereum blockchain network, by ranking from the State of the DApps website (https://www.stateofthedapps.com).
About 43% are related to finance, exchange, or marketplace, which are collectively categorized as the Decentralized Finance (or DeFi) area, about 20% for games, 15% for social media and gambling, and 22% for the rest, including security, governance, wallet, and development and storage.
DeFi is a collection of traditional finance products, services, and tools running on Ethereum or some other blockchains. These digital native products are almost like the analogy twins of those traditional products from the finance, banking, and payment service industry. In almost all cases, business processes are digitized and streamlined to take advantage of digital and blockchain technology. They are redesigned and rebuilt with blockchain technology and offer products in lending, issuance platforms and investing, prediction markets, exchanges, and marketplace areas. One such example is the decentralized lending platform known as MakerDAO. Blockchain-enabled DeFi applications have been able to steadily encroach into the traditional markets in the last couple of years, following the surge in popularity of the Ethereum platform. The trend shall continue.
We provided a bird's-eye view of the economical aspect of the blockchain ecosystem in our previous article series. With DeFi applications, it goes well beyond a self-sustaining and autonomous incentive-based blockchain ecosystem. We discussed the concept of stablecoin and explored the various types of stablecoins on the market. Maker DAO is one interesting and successful example of this. Essentially, the investor can stake a certain amount of ether as collateral to acquire dais and loan dais out as an investment to earn interest. This is also called staking.
You may also remember we discussed staking in the context of the PoS consensus algorithm. This is a consensus mechanism where the validators can stake coins to earn the opportunity to add new blocks to the blockchain and generate income that's been accrued from various sources such as transaction fees and new mint coins. In fact, staking is one of the most popular cryptocurrency investment vehicles. A crypto lending platform (such as MakerDAO or Nexo) is where you can borrow cryptocurrencies against collateral or lend them out and earn interest.
In our next article ( Ethereum and Know-Your-Customer Requirements), we discuss anti-money laundering and Know-Your-Customer requirements while building Ethereum applications in the Fintech.
This article is written in collaboration with Brian Wu who is a leading author of “Learn Ethereum: Build your own decentralized applications with Ethereum and smart contracts” book. He has written 7 books on blockchain development.
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